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

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