ALBA Asia opens coal terminal at VOC port in TN

ALBA Asia opens coal terminal at VOC port in TN

ALBA Asia Pvt Ltd has opened a new coal terminal at VO Chidambaranar Port Trust (VOCPT) in Thoothukudi district of Tamil Nadu.

The 10-million-tonne (mt) terminal by the equal joint venture between Mumbai-listed Starlog Enterprises and French shipping firm Louis Dreyfus Armateurs S.A., will help the Central government-owned port raise its coal handling capacity to 24 mt by 2019.

It may be recalled that in 2010, ALBA Asia Pvt Ltd bagged the contract in a public tender to build and operate a coal-loading facility at VOCPT for 30 years by placing the highest revenue share price bid of 52.17 per cent.

Tuticorin Coal Terminal Pvt Ltd (TCTPL), the special purpose vehicle (SPV) set up to implement the project, invested Rs 640 crore to construct the facility.A consortium of seven banks led by state-run Bank of India had lent Rs 260 crore to build the terminal, it is learnt.

Image Credit : thehindubusinessline.com