News Details :
News Details:
Headline : VEDANTA Arm to sign pact with PORT OF MORMUGAO, GOA
Summary : Sterlite Ports Limited is getting ready to sign a Memorandum of Understanding (MoU) pursuant to 'Letter of Award' to redevelop the existing berths 8, 9 and barge berths at the Port of Mormugao ('Project') in Goa.

The company, a 100% subsidiary of Vedanta Ltd, has secured this Project via participating in a competitive bidding procedure.

It has been awarded the contract on the basis of Develop, Build, Finance, Operate and Transfer (DBFOT) model for a 30-year concession period with the Mormugoa Port Trust.

The berths will be redeveloped within a period of 3 to 5 years. The redevelopment of the berths, with an estimated annual cargo handling capacity of 19.22 million tonnes, is intended for managing every category of cargo comprising iron ore, coal and general cargo.

The company, the number one iron ore exporter of Goa, hopes that this project, in addition to the management of other cargo, will facilitate logistic integration to the iron ore business of the firm.

The Vedanta Limited script closed at Rs.93.85 in the BSE, representing an increase from the previous closing figure of Rs. 90.6. Overall 2495701 shares were traded during the day involving more than 11776 trades.

The stock had touched an intraday high and intraday low of respectively Rs. 95.25 and Rs 92.35, with net turnover recorded Rs. 234982567 during the trading session.