The Cabinet Committee on Economic Affairs has approved a project to extend the existing container terminal at Visakhapatnam port on Design, Build, Finance, Operate and Transfer (DBFOT) basis for a period of 30 years, at an estimated cost of Rs 633.11 crore.
The approval is subject to necessary clearances such as security, environment, and forest being obtained, said the release.
The project would enhance the container handling capacity of Visakhapatnam port from 0.4 million TEUs (Twenty Foot Equivalent Units) to one million TEUs.
It will be taken up under the private public partnership mode, and will be awarded to the developer who offers highest royalty. mamuni.das@thehindu.co.in