Eredene Capital PLC, a
UK-based company
which invests in infrastructure
projects and real
estate development in India, has
won the bid, in consortium, to
build and operate a container
terminal at Ennore Port in Tamil
Nadu. The estimated cost of this
project is £207 million (approximately
Rs 1,450 crore).
Eredene bid for the project in a
consortium headed by Spain's
leading port operator, Grup Marítim
TCB SL of Barcelona, international
construction group
Obrascón Huarte Lain SA and
India's Lanco Infratech Ltd. In all,
six contenders were shortlisted.
The winning
consortium
was
given the
letter of
award by
Ennore Port
Ltd on June
26, 2010.
Eredene
has a 22 per
cent stake in
the consortium
with its equity commitment
of £23 million (around Rs 161
crore) spread over a 48-month
period. This commitment will initially
be funded through existing
cash reserves and then by raising
additional capital into Eredene.
Alastair King, Founder and
CEO, Eredene, said: "This is a
major milestone for Eredene. The
Ennore Container Terminal is a
world-class project, with an excellent
growing hinterland and good
existing transport connectivity.
This project builds on our expertise
in ports and port infrastructure
and on our commitment to the
dynamic Indian economy."
Work on the new terminal is
scheduled to take 33 months and
it is expected to be operational
by the end of 2013.
Commissioned in 2001, Ennore
Port is one of India's 13 major
ports. The port has an operational
coal berth and an iron ore berth
under construction. It has existing
breakwaters and dredged
navigation channels.