The Visakhapatnam Port Trust (VPT) has outlined a Rs 3,000-crore expansion-cum-modernisation plan aimed at enhancing the port’s capacity by nearly 50%. The port will spend a fourth of the total planned investment, while it will seek private partners to invest the rest by way of public-private partnerships (PPP).
In his interaction with media at the East Coast Maritime Business Summit MT Krishna Babu, Chairman, VPT told that private players like Vedanta, Essar, SEW and ABG were finalised as the partners who would invest on modernizing the cargo-handling. With a cargo-handling a capacity of 85 million tonne, VPT is the fifth-largest Indian port. The port plans to raise a capacity to 125 million tonne and become the third-largest port in the country over the next three years.