According to Mr Pranav Choudhary CFO of Gangavaram Port, Gangavaram Port Limited stated to be the deepest port in the country with a depth of 21 meter, is expecting to achieve break even in the next 2 to 3 years.

The INR 1,700 crore Phase I of the port on the east coast near Visakhapatnam commenced commercial operations in April 2009. It had achieved cash break even in 2010-11 with a turnover of about INR 250 crore.

Mr Choudhary told Business Standard that the port had now embarked upon INR 1,200 crore expansion plan that was scheduled to be completed in the next two years.

To be funded through a debt of INR 950 crore and internal accruals of INR 250 crore, the expansion program involves setting up four additional berths including a dedicated berth for handling of coal and three multipurpose berths.

Following the expansion program, Mr Choudhary said, the handling capacity of the port would increase from the existing 17 million tonnes to 45 million tonnes per annum.

The port, which is capable of receiving Capesize vessels (largest dry bulk cargo vessels of the size of 200,000 DWT) had handled 27 million tonnes of cargo till March 2011 including coal, project cargo, limestone, iron ore, steel, blast furnace slag and fertilizers.

(Sourced from BS)