ASIA

Essar Ports shares go to market

15 years ago

Essar Ports stock has, following its demerger from Essar Shipping Ports & Logistics, realised a market capitalisation of around Rs 5,000 crore (USD$1,106m) from its entry onto the National and Bombay Stock Exchanges (BSE and NSE).

Essar is looking at further expanding its facilities

Managing director Rajiv Agarwal said: “Essar Ports is now the second largest private sector ports company in India with 88 MTPA of current capacity, and a target to reach 158 MTPA by 2013.” He added the company has “a clear vision” for its expansion target and has committed Rs 9,300 crore (USD$2,057m) towards this business, of which around two thirds has already been invested.

The existing Essar Ports capacity is split between a 58 MTPA cargo handling capacity at Vadinar port and 30 MTPA at Hazira port.