The concessional licensing agreement recently signed between Visakhapatnam Port Trust and Visakha Container Terminal Pvt. Ltd at Visakhapatnam will speed up work in establishing the Visakha container terminal.
    The terminal is scheduled for commercial operation by July 2003. The work involves installing two-gantry cranes valued at over Rs 30 crore and other sophisticated machinery imported and indigenously sought.
    Once the terminal is in operation, Indian cargo from the hinterlands destined for the Far East will be handled through  Visakhapatnam, including cargo from the Bay of Bengal. Currently, cargo flow is being moved through other developed ports.
    Dubai Ports International and the local Indian partner, United Liner Agencies, an affiliate of JM Baxi, have promoted VCTPL.
    DPI has been awarded a 30-year contract to operate and manage the new container terminal at Visakhapatnam, which is scheduled to become operational by mid-2003.