Essar Ports Posts 20% Cargo Growth
Essar Ports, India's second-largest, private-sector port and terminal company by capacity and throughput, posted a record 20 per cent cargo growth in April-September period of the ongoing financial year (ending March 31, 2020) with a throughput of 27.29 MT.The Essar Group company, h operates four terminals on the east and west coasts of India, said in a press note that the growth has been driven by a 183.21% increase in third-party cargo compared to that in the corresponding period in the previous financial year. Cargo from captive customers grew by 6%.Rajiv Agarwal, MD & CEO, Essar Ports Ltd, said: “Significant boost in third-party business has been the key driver for our growth in overall volumes.
Essar Ports Posts Robust Growth
Indian private ports operator, Essar Ports Limited posted overall 17 percent growth in the cargo throughput at 13.5 million tonne for the first quarter of current fiscal ended 30 June 2019 as against 11.5 MT in the corresponding quarter last year."Higher capacity utilization at its recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo, were the two key factors that will help the Company achieve its target of handling 60 million tonnes of cargo by 31 March 2020," the Essar Group company said.Essar Ports' first quarter cargo handling performance has been very strong and brought it closer to achieving…
Antwerp Port Makes Big Impression in India
A few months ago the Essar Group from India decided to buy back the shares from her daughter company Essar Ports Limited (EPL). Port of Antwerp International (PAI), the international consulting and investment subsidiary of Antwerp Port Authority, set up an alliance in 2012 with EPL, which was accompanied by an investment of 25 million euros, five million of which was contributed by the Flemish Regional Investment Company (FRIC). PAI and FRIC have come out of the existing financial arrangement with a capital gain of 6.8 million euros on top of their original investment, which has been recovered in full. In the meantime the collaboration with EPL will continue unabated in other areas.
Essar Shipping Ports and Logistics: New Management Structure
Mumbai: Essar Shipping Ports & Logistics Limited (ESPLL) which is a part of Essar Group today held its Committee of Directors (Demerger Committee) meeting and announced the completion of the demerger process. The committee fixed 19th May 2011 as the record date. ESPLL announced that the company has received all the approvals hence the completion of the process. The company also announced the new management structure for the two companies once they are listed on exchange. Post demerger, the present company will be split into two entities – Essar Ports Ltd and Essar Shipping Ltd.
Essar Plans Investment in Vietnamese Oil Exploration Sector
Close on the heels of announcing its plans to invest in a steel plant in Vietnam, Essar group is now looking forward to investing in the oil and gas exploration sector in the country. According to sources, Essar Energy Holdings Ltd – the group oil and gas outfit – has recently participated in the ‘2nd international bidding round for open blocks in Song Hong Basin’, offshore northern Vietnam. The bid was submitted for one block on a standalone basis, though the name of the block was not given. Vietnam Oil & Gas Group, known as PetroVietnam, had launched the bidding round in June this year. The blocks are located at average water depths of 60-100 meters covering 50 square km area at 50 to 100 km distance from the shoreline.
