Vedanta Signs Concession Agreement for redevelopment of #MormugaoPort

Vedanta Signs Concession Agreement for redevelopment of Mormugao Port

Mumbai / Goa, Sept 22, 2016: Vedanta Limited, India’s only diversified natural resources company today signed the Concession Agreement for redevelopment of Berth No.8, 9 and Barge Berths at Port of Mormugao, Goa. The company had received the ‘Letter of Award’ for the project on April 15th this year on a Design, Build, Finance, Operate and Transfer (DBFOT) Basis.

 The agreement was signed by Vedanta’s Iron Ore business CEO, Mr. Kishore Kumar, also the Director of the newly formed Special Purpose Vehicle, Goa Sea Port Pvt. Ltd. which is a subsidiary of Sterlite Ports and Mr. I. Jeyakumar, Chairman – Mormugao Port Trust in the presence of Road, Transport, Highways and Shipping Minister- Mr. Nitin Gadkari and Chief Minister of Goa, Mr. Laxmikant Paresekar.

 Speaking at the occasion, Mr. Gadkari said, “My best wishes to Vedanta which is working on the redevelopment of the Mormugao Port which will help improve the infrastructure and enable development of the state. The project has a huge potential and will usher in a great deal of progress to the state of Goa and its people.” he said. He added that it is very important to develop the port infrastructure in a country like India that has a huge coastline. Such projects will help reduce the logistics cost most important for trade and generate employment opportunities to socio economic progress he stated.

 Chief Minister of Goa, Mr. Laxmikant Parsekar said, “This day of partnership between Vedanta and the Mormugao Port Trust is a significant one. The project will modernize the port infrastructure and enhance efficiency to stimulate maritime traffic providing a boost to the State economy.”

Mr. Kishore Kumar, CEO Vedanta Iron Ore business stated, “We are excited about the project and the opportunity to partner with the Government of India. This Public Private Partnership enables

 Vedanta partner in the growth story and vision of building a progressive India through innovation. Vedanta is the largest exporter of iron ore from Goa and this project would provide logistics integration to our iron ore business apart from handling other cargo. The re-developed berths are planned to handle all type of cargo including iron ore, coal, limestone, bauxite and general cargo with an expected capacity of 19.22 million tonnes per annum. With this Vedanta’s Sterlite Ports will have a strategic presence on both West and East Coasts in the traditional iron ore and coal hubs respectively”.

 The Project will be handled by Goa Sea Port Pvt Ltd which is a subsidiary of Sterlite Ports. It currently owns and operates a 14 MMTPA capacity fully mechanized coal terminal in Visakhapatnam Port, Andhra Pradesh. The Project has been awarded through a competitive bidding process on DBFOT Basis for the 19 MMTPA capacity multi-cargo Port terminal in Mormugao Port, Goa. The total estimated project cost is INR 1145 crores and construction is expected to be completed in five years.

 Also present on the occasion were Mr. Milind Naik, Minister for Power, Goa, Narendra Sawaikar, MP – South Goa and Mr. R.K Shrivastava, Chief Secretary, Government of Goa.

Photo caption: Exchange of Agreement between Mr. I. Jeyakumar, Chairman – Mormugao Port Trust and Mr. Kishore Kumar, CEO – Vedanta – Sesa Goa Iron Ore.

 About Vedanta Limited (Formerly Sesa Sterlite Limited.)

Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc – lead – silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta’s strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) ‘Sustainable Plus Platinum label’, ranking among the top 10 most sustainable companies in India.