Earnest Shipping gets approval to develop Redi Port
Earnest Shipping will hold about 89% stake, while Maharashtra Maritime will hold the rest of the equity shareholding.
By Sumantra Das, ET Bureau |
MUMBAI: Mumbai-based Earnest Shipping and Ship Builders has got state government approval to develop the Redi Port in Maharashtra, after a gap of almost after three years. The company will invest Rs 950 crore along with the Maharashtra Maritime Development Board, by forming a special purpose vehicle, according to a person familiar with the development.
Earnest Shipping will hold about 89% stake, while Maharashtra Maritime will hold the rest of the equity shareholding.
The proposed port will have seven berths including bulk cargo berths, liquid cargo and container berths. According to a senior MMDB official, "The proposed project will be completed in the next 5 years and would have the capacity to handle five million tones of cargo in its first year of operation."
The company also has plans to set up a separate shipyard near the port. "We expect 80% traffic from Sindhudurg industrial area and 20% from Kolhapur district," said the MMDB official.
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