Marg Constructions Ltd, a diversified infrastructure development company headquartered in Chennai, has acquired a cutter suction dredger, Marg Cauvery, with a dredging capacity of 2000 cubm/hour. The dredger will be deployed in the dredging works of Karaikal Port, Pondicherry, which is currently being developed by the company.
The non-propelled cutter suction dredger will be able to dredge at depths in the range of 5 m to 25 m. The vessel, designed to 1191 GRT/358 NRT, is 73.20 m in length and 15 m in breadth with keel to most height of 12 m.
Meanwhile, Karaikal Port Pvt. Ltd, a wholly-owned subsidiary of Marg Constructions, has tied up with Pembianaan Redzai Sdn Bhd of Malaysia to form an independent company to manage the all-weather deep port, which Marg is developing.
The joint venture with Pembianaan will have an equity capital of around $1 million, G.R.K. Reddy, CMD, Marg Constructions, said at a press conference. The Malaysian company is also keen to pick up equity in KPPL, though no decision has been taken so far.
The port will be developed in three phases and cost over Rs 1,000 crore. It will have a total capacity to handle 10 million tonnes of assorted cargo.
Phase-I of the project, envisaging a 3.3 million tonne capacity, will come up by the end of 2008. The Rs 416 crore investment in this phase will have an equity component of Rs 114 crore and a debt portion of Rs 302 crore. KPPL has so far invested Rs 140 crore in the project.
Work on phase-II, involving a four million-tonne capacity, will commence in January 2009. It will cost around Rs 250 crore.
Apart from port development, the company is also involved in development of malls, special economic zones, IT parks, serviced apartments and townships, and residential and commercial projects.