The Hindu : Dubai Port bags ICTT project

Online edition of India's National Newspaper
Friday, Mar 26, 2004

Business

Business

Dubai Port bags ICTT project

By Our Special Correspondent

KOCHI, MARCH 25. Dubai Port International has won the bidding for the long awaited International Container Transhipment Terminal project at Vallarpadam. On the last day for submission of price bids for setting up of ICTT on build-operate-transfer (BOT) basis, three firms participated in the final bidding process. After approval by the Cochin Port Trust Board and the Union Government a letter of intent would be issued to the successful bidder, authorities said here today. The Dubai Port International is a global terminal operator based in Dubai at present managing a chain of modern high volume transhipment terminals in the cargo rich Gulf region.

Today, the final bidders were the Dubai based DPI, Infrastructure Leasing and Financial Services Ltd-Punj Lloyd Consortium (IL & FS PLI) of New Delhi and Maersk A/S of Denmark. The cover submitted by the last bidder did not qualify for opening due to the non-submission of the required bid bond.

The Port Trust Chairman, Jacob Thomas, expressed happiness at the outcome of the bid and said that the port was fortunate to have an international player of proven credibility who could turn round this port into a mega hub in the Indian Ocean Region. Though the earlier two bid processes did not succeed to the expectation of the Port Trust, the opportunity is now being translated into a real commercial success by DPI. The competitiveness in the bid process is a real indicator of potential prosperity. He said the CPT would work in harmony with the DPI and support them in its endeavour to transform Kochi into a mega hub. Now the next step for the port is to achieve road and rail connectivity required for execution of ICTT project. He also attributed the success to the teamwork of the port.

The port's present attempt has received support from the Union ministry of shipping and the project also received supplementary support from the Union Government by way of viability gap funding for creating common user infrastructure facilities such as national highway connectivity, rail connectivity, dredging and providing of breakwaters at a total cost of Rs. 932 crores and also including it as a priority project under `Sagarmala' to be taken up by the government as a follow up of the Prime Minister's Independence Day announcement.

Printer friendly page
Send this article to Friends by E-Mail

Business