High interest cost is affecting the profitability of Essar Ports, which runs Vadinar and Hazira ports in Gujarat. The company faces high interest cost of around 12-14 percent which is eroding its profit. Port operators including Essar have appealed to the shipping ministry to raise the bar on external commercial borrowings (ECBs) from the current 25
Tag: Essar Ports
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CLSA Mauritius offloads partial holding in Essar firms
Through open market transactions on the stock exchanges, CLSA Mauritius sold 33.54 lakh shares (amounting to 0.78 per cent) of Essar Ports for an average price of Rs 83.84 apiece valuing the deal at Rs 28.12 crore. In another transaction, the foreign fund house offloaded its entire stake of 1.28 per cent or 26.27 lakh scrips of Essar Shipping to Leman Diversified Fund. The shar
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Essar Ports handles 180 ships in Oct-Dec 2012
During the third quarter of FY13, the company's terminals handled a “record” 180 ships, as against 114 ships handled for the corresponding quarter of last year. Meanwhile, the port aims to raise its cargo handling capacity to 158 million tonne per annum from the present 104 mn t
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Essar Ports aims to handle 55 mn t cargo
Essar Ports aims to handle 55 million tonne (mn t) of cargo in 2012-13 compared to 40 mn t it had handled in the previous fiscal. It may be noted that the port recently commissioned a 16 mn t per year dry bulk terminal at Paradip Port for handling iron ore mainly for its group company Essar Steel and dry bulk cargo for third party cont
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Chennai port wants govt to restore security nod for APSEZ
Chennai Port wants the government to revoke the cancellation of security clearance for Adani Ports and Special Economic Zone (APSEZ) to participate in the port's proposed Rs 3,686 crore container terminal project. Chennai Port plans to build a container terminal than can load 4 million standard containers a year when fully oper
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Consultant suggests to accept bid for Rs 37 bn terminal project
According to media reports, the consultant for the Rs 3,700-crore mega container terminal project in Chennai Port (ChPT) advised the port to accept the revenue share offered by Essar Ports. Essar Ports, which was the lone bidder for the project, offered 5.25 percent revenue share, which the port considers to
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Adani, Essar to bid for terminal project
According to top government sources, Adani Ports and Essar Ports have received approval from the Union Home Ministry to participate in the Rs 4,000-crore mega container terminal project in Chennai Port. Chennai Port plans to set up a mega container terminal, with a capacity of 4 million TEU. The proposed terminal has been envisaged as the largest container terminal on the countryÂ’s east coast and it will be able to handle ultra-large container vessels. Essar Ports had to seek clearance from the
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Ports is a more attractive sector than several others to foreign investors
Rajiv Aggarwal, CEO, Essar Ports outlines the plans for investment to Shashidhar Nanjundaiah, after a hugely successful Q1 2013 when the company's profits grew a whopping 73 per cent.
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Red tape in connectivity setting business back
Developers of ports tell us how port connectivity has boosted business, while users say poor connectivity are limiting their plans.
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Essar commissions Vadinar port expansion project
Essar Ports has commissioÂned 12 million tonne per annum capacity expansion project at its Vadinar terminal with a total investment of Rs 1,065 crore.