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Budget reaction by Mr. Rajiv Agarwal - MD, Essar Ports Limited


February 28, 2013

The budget has a high focus on social sector, while nothing new has been done specifically to spur infrastructure spending. The mentioned schemes of take out financing and credit enhancement through IIFCL etc have already been in place.

The government has announced two new Major Ports, one at Sagar in West Bengal and one in Andhra Pradesh to further augment the national capacity by 100 million tons, and a plan for developing outer harbour at Tuticorin Port which would enhance capacity by around 40 million tons.

About Essar Ports
Essar Ports Ltd. is one of the largest port companies of India, with a current capacity of 104 MMTPA. The capacity is being expanded to 158 MMTPA over the next few years. Essar Ports has three operational terminals at Hazira, Vadinar and Paradip. The Hazira port is an all-weather, deep-draft port with 30 MMTPA of dry bulk and break bulk cargo handling capacity. Vadinar is also an all-weather, deep-draft port with 58 MMTPA of liquid cargo handling capacity. Paradip dry bulk terminal was commissioned in December 2012 and is an all-weather, deep-draft port with 16 MMTPA of dry bulk cargo handling capacity.

Essar Ports is currently developing one terminal at Paradip which will be a coal berth of 14 MMTPA. The Company is also setting up a dry bulk terminal at Salaya with a capacity of 20 MMTPA. Additionally, the Company plans to expand its Hazira port capacity by 20 MMTPA – taking its capacity to 50 MMTPA.

About Essar
Essar is a multinational conglomerate and a leading player in the sectors of Steel, Energy, Infrastructure and Services. With operations in more than 25 countries across five continents, the Group employs 75,000 people, with revenues of US$ 27 billion.

For Media Queries
Jatin Aggarwal, DGM - Corporate Communications -Mumbai, Essar.
Phone: +91 9930136303, Email: jatin.aggarwal@essar.com

Ashutosh Srivastav, - Corporate Communications -Delhi, Essar.
Phone: +91 9811739010, Email: ashutosh.srivastava1@essar.com

Parikshit Joshi, Adfactors PR
Phone: +91 9833917030, Email: parikshit.joshi@adfactorspr.com

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