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Financing confirmed for Orissa port

Financing confirmed for Orissa port

Mumbai: Tata Steel and Larsen & Toubro have signed a loan agreement to confirm financing of their joint venture to construct an all-weather deep-sea port at the mouth of river Dhamra in Orissa. The agreement, signed with a consortium of financiers led by Industrial Development Bank of India (IDBI) will put up approximately 75% of the total cost of Rs 2,460 crores ($557m).

The Port is expected be one of India's deepest all-weather ports with a draught of 18.5 metres. Its 13 berths are estimated to have a cargo capacity of 83m tonnes per year.

"Dhamra port is going to be major player in Tata Steel's global plans and aspirations," Shipping Secretary A.K. Mohapatra (pictured) told the Economic Times. The port is located in the mineral-rich hinterland of north Orissa, Jharkhand, West Bengal and Chhattisgarh which are in close proximity to the port and where a large number of steel plants and mineral based industries are located besides many more which are on the anvil.  [02/03/07]