Ennore to go public
Ennore Port Ltd (EPL) has gained approval from its board for a public floatation, seeking funds of approximately $110m in return for 10% of its equity.
The Central Government presently holds 68% and the Chennai Port Trust 32% of EPL.
However, the port may require funds of over $176m in the short term to undertake various infrastructure projects, reports the Hindu Business Line. Speaking at a function, Mr GK Vasan, Union Minister for Shipping, said EPL has already lined up 14 projects worth over $142.2 m. The projects include dredging, terminal construction and rail and road connectivity.
This development will support the two new bulk terminals and one autovehicle facility which started work at Ennore Port recently. The coal terminal has a capacity of 8m tonnes, while the ore terminal starts at 6m tonnes with a second phase to double this in the pipeline.
Both bulk terminals have been developed via a build, operate and transfer (BOT) basis while the car terminal project was handled by Ennore Port itself in order to service the nearby Nissan Motor plant.