PTI reported that Chowgule Group's INR 1,000 crore port and ship repair yard at Jaigad in Maharashtra will be open for vessel movement by March 2012.Mr Atul Kulkarni CEO of Chowgule Ports and Infrastructure told PTI that "We are well placed to start commercial operations by March. Majority of the work has been carried out or is in the process of being completed."
Mr Kulkarni said that four ships of up to 60,000 tonnes can be berthed at a time and the berths are 700 meter long, adding that a draught of 10 meter will be made available.
Two berths will be allocated for containers while liquid and dry cargo will get a berth each. Once the project is through, the company is looking at carrying out a second phase involving investment of INR 300 crore to deepen the draught to 13 meter and increase the total berth size by 100 meter.
The company, a part of the Chowgule Group which has interests in commercial shipping, is investing INR 1,000 crore in the project that was started in 2008. The investment is being funded through debt equity ratio of 70:30 and the parent group is contributing the entire equity portion.
Over INR 550 crore has already been deployed, while orders for the remaining amount have been placed. The project, named Angre Port (after Shivaji's Naval Chief Mr Kanhoji Angre), is located on a 270 acre site, privately acquired by the Chowgules in the 1990s.
The company is targeting South West Maharashtra and Northern Karnataka region as these market imports fertilizers and exports sugar, maize, industrial alcohol and heavy machinery.
Mr Kulkarni said that four ships of up to 60,000 tonnes can be berthed at a time and the berths are 700 meter long, adding that a draught of 10 meter will be made available.
Two berths will be allocated for containers while liquid and dry cargo will get a berth each. Once the project is through, the company is looking at carrying out a second phase involving investment of INR 300 crore to deepen the draught to 13 meter and increase the total berth size by 100 meter.
The company, a part of the Chowgule Group which has interests in commercial shipping, is investing INR 1,000 crore in the project that was started in 2008. The investment is being funded through debt equity ratio of 70:30 and the parent group is contributing the entire equity portion.
Over INR 550 crore has already been deployed, while orders for the remaining amount have been placed. The project, named Angre Port (after Shivaji's Naval Chief Mr Kanhoji Angre), is located on a 270 acre site, privately acquired by the Chowgules in the 1990s.
The company is targeting South West Maharashtra and Northern Karnataka region as these market imports fertilizers and exports sugar, maize, industrial alcohol and heavy machinery.