Mundra Port lines up Rs 6k-cr expansion.

AHMEDABAD: Adani Group company Mundra Port and SEZ (MPSEZ) on Wednesday said it will pump in Rs 6,000 crore over the next three to five years for port development.

The company that posted a 24% rise in its net profit said it improved its share in the country’s cargo handling to 8.3% from 6.7%. It also set 2013 as a target to turn the country’s first private port into India’s largest port.

The company has set a target of 200 million tonne(mt) of cargo handling capacity per year by 2020. However, sources said, the group is likely to achieve the target earlier. Currently, Centre-controlled Kandla Port, near Mundra in Kutch district, is the country’s top port that handled 80 mt of cargo in 2009-10. Among other plans, the port and SEZ company would concentrate on development of Mormugao, Dahej and Hazira ports.

MPSEZ reported a net profit of Rs 211 crore for the quarter-ended June 30 compared with Rs 171 crore during the corresponding quarter last fiscal. Its total income increased to Rs 416 crore for the quarter compared with Rs 321 crore in the corresponding quarter last year, recording a growth of 30%.

Internationally, MPSEZ will develop its first international greenfield project at Dudgeon point in Australia and further its plans to acquire the state-owned Port of Brisbane in the country. It will also explore opportunities in South Africa for port development.

Meanwhile, “The company has handled the highest volume of cargo in a quarter and reached a level of 12.6 mt, a growth of 28%, besides maintaining its position of being the eighth-largest port in India, marginally below Mormugao port at 12.8 mt,” MPSEZ CFO B Ravi said.

While major ports put together have shown a growth of 2%, Mundra port has shown a steep rise of 28% in cargo. Container business for the quarter too showed a growth of 28% compared with 17% in all other ports put together.

MPSEZ has been selected as preferred proponent for the development of new coal export terminal at Dudgeon Point, along with another bidder. During the quarter, the company started doubling the Mundra-Adipur railway line and also started the first private railway-over-bridge inside a private port in Mundra. The first vessel MV Regine arrived at Adani Petronet (Dahej) Port. It has also commenced the fertiliser cargo complex with a total capacity of rake loading up to 10 rakes a day.

Source : economictimes.indiatimes.com