Business News | AM/NS India Arm Gets 30-year Concession for 10 MTPA Captive Berth at Paradip Port
Get latest articles and stories on Business at LatestLY. "The Concession, granted for a period of 30 years, will ensure seamless cargo movement, enhance operational efficiency of AM/NS India," the company said.
Mumbai (Maharashtra) [India], August 27 (ANI): ArcelorMittal Nippon Steel (AM/NS) India's logistics arm has secured a 30-year concession for a 10 million tonnes per annum (MTPA) captive berth at Paradip Port, giving the steelmaker dedicated port infrastructure to strengthen movement of iron ore pellets from its operations in eastern India.
Paradip Port Authority (PPA) has granted the concession to AMNS Paradip Logistics Private Limited, a special purpose vehicle (SPV) of AM/NS India, for mechanisation of the CQ-III berth for handling dry bulk cargo on a captive basis, according to a company release issued on Thursday.
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The arrangement will allow AM/NS India to move iron ore pellets from its Paradip pellet plant complex to the berth through a fully mechanised conveyor system.
The company currently uses coastal shipping to move iron ore pellets from Paradip to Hazira. Dedicated access to the CQ-III berth is expected to give it greater control over this logistics chain over the next three decades.
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"The Concession, granted for a period of 30 years, will ensure seamless cargo movement, enhance operational efficiency of AM/NS India," the company said.
The concession was formally presented to the company during an event at Paradip on August 21 by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal.
The project forms part of Paradip Port Authority's wider push to mechanise its cargo-handling infrastructure.
The Ministry of Ports, Shipping and Waterways had said on August 21 that the 10 MTPA CQ-III captive berth mechanisation project awarded to AMNS Paradip Logistics involves an estimated investment of Rs 451 crore.
It was one of three concession agreements involving a combined investment of Rs 1,580.36 crore signed by PPA as part of its plan to increase berth mechanisation to 100 per cent by 2030 from about 80 per cent currently.
The other two projects involve mechanisation of the 5 MTPA South Quay and the 8 MTPA Multipurpose Berth.
For AM/NS India, the Paradip facility is significant because pellets form an important part of its integrated steel supply chain. The company has a pellet production capacity of 20 million tonnes per annum, alongside crude steel capacity of 9 million tonnes per annum.
AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, produces flat carbon steel and value-added steel products in India.
Separately, the company is setting up an 8.2 million tonnes per annum integrated steel plant in Andhra Pradesh. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)