Vizag Multipurpose Terminal achieves financial closure for EQ -7 berth mechanisation project

Vizag Multipurpose Terminal Private Limited, a joint venture between Indian Potash Limited and JM Baxi Ports and Logistics Limited, has ac­hieved financial closure for the eastern quay-7 berth mechanisation project at Visakhapatnam port. The company has secured funds from Axis Bank for the same. The project is being implemented on a design-build-finance-operate-transfer basis through the public-private partnership mode including operations and maintenance at an estimated cost of Rs 2.01 billion. The proposed facility will enable handling of about 3.61 million tonnes per annum.