London listed miner Vedanta Resources said it has entered the port sector by tying up with the Australia based Leighton Contractors to form a joint venture with its flagship Indian firm Sterlite Industries.

Sterlite on the sidelines of declaring its earnings for the quarter to June said that

The 74:26 joint venture Sterlite Leighton has already tied up two projects worth INR 900 crore from the Vizag and Paradeep ports. Sterlite holds 74% stake in the JV and rest is held by the Australian infrastructure firm.

Sterlite in a statement said that "We have entered the port business through a contract to develop a coal berth at Vizag on a revenue sharing basis in a joint venture with Leighton Contractors India. An agreement has been signed with the Vizag Port authorities and the estimated cost of the project which is likely to be completed in mid 2012 is INR 500 crore. The company along with the joint venture partner Leighton has also been awarded the project for development of a multipurpose berth on a revenue sharing basis at the Paradeep Port. The indicative cost of the project is likely to be INR 400 crore."

Mr D D Jalan CFO of Vedanta Resources said that "The port business is being undertaken by subsidiary of Sterlite. The mining and metals business and the port business are very much interlinked and it will contribute to our growth."

Mr M S Mehta CEO of Vedanta Resources said that "We are positive on the outlook.”

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