“Three investors have shown interest and we are in the final stage of negotiations, we want the terminal to be operational in the next 24-30 months,” said G R K Reddy, managing director of MARG Group, the operator of the site.
The proposed terminal would have a capacity of three million tonnes and would meet demand form nearby gas power plants that have faced supply shortages that have forced them to operate at only 30% output.
The MARG Karaikal port located around 300 kms along the coast south of Chennai. Currently the port has a capacity of 28 million tonnes per annum and handles coal, fertilizers, petroleum products (Liquid Cargo), edible oil, minerals & ores, Container/General Cargo. Currently the Port has five berths and around Rs 4,000 crore invested, including current and proposed infrastructure.
Karaikal Port is backed by a consortium of partners that includes Jacob Ballas Capital India, Standard Chartered Private Equity, IDFC and Ascent Capital Advisors and is located around 300 km south of Chennai. It currently has five berths which handle industrial products ranging from coal, fertilizers, petroleum products, edible oil, minerals and ores to container traffic.