Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Corporate
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Alliances & Joint Ventures Industry & Economy - Infrastructure Tata Steel to pick 50% stake in Dhamra port P. Manoj
New Delhi , July 22 TATA Steel is close to picking up a 50 per cent stake and team up with Larsen & Toubro for building and operating the Rs 1,500-crore Dhamra Port in Orissa. The minor port will now be developed as a 50-50 joint venture between Tata Steel and L&T, signalling the revival of developing the port. The project was stalled after two joint venture partners Precious Shipping Company Ltd of Thailand and Stevedoring Services Inc of America (SSA) quit the project promoter company International Seaports (India) Pvt Ltd, a wholly-owned subsidiary of ISPL, Singapore, in 2002. This left L&T being the lone member of International Seaports (India) Pvt Ltd in which Tata Steel will now join as a new joint venture partner to build the port project. "The proposal to pick up a 50 per cent stake in the Dhamra port project is expected to be taken up by the board of Tata Steel shortly," sources close to the deal told Business Line. The Dhamra port will cater to break bulk cargo such as iron ore, coking coal and coal and is slated to become operational by 2007 as a common user facility.
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