The Cabinet Committee on Economic Affairs has approved the project related to extension of the existing container terminal at Visakhapatnam port on Design, Build, Finance, Operate and Transfer (DBFOT) basis for a period of 30 years at an estimated cost of Rs. 633.11 crore, subject to necessary clearances, such as security and environmental and forest clearances being obtained.
The project would enhance the container handling capacity of Visakhapatnam port from 0.4 Million TEUs (Twenty Foot Equivalent Units) to 1 Million TEUs.
The project will be taken up for implementation under the Private Public Partnership (PPP) mode to be awarded on the highest Royalty basis. The entire investment on the project will be made by the concessionaire. The project will be completed within 24 months from the date of award of the concession. (ANI)