APSEZ signs pact to develop and operate container terminal at Yangon Port
Ahmedabad (Gujarat) [India], May 23 (ANI): Adani Ports and Special Economic Zone (APSEZ) Limited on Thursday signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar.
ANI
May 23, 2019 10:52 IST
Ahmedabad (Gujarat) [India], May 23 (ANI): Adani Ports and Special Economic Zone (APSEZ) Limited on Thursday signed an agreement to develop and operate a container terminal at Yangon Port in Myanmar.
The estimated cost for implementing the first phase of 0.5 million TEUs (twenty-foot equivalent units) is between 220 and 230 million dollars while the second phase of expansion to 0.8 million TEUs is expected to cost between 55 to 60 million dollars.
"We are proud to be the first Indian company to set up a container terminal outside India. With a good balance of EXIM trade and a 10 per cent growth prospect, the project is an ideal investment for us," said Karan Adani, Chief Executive Officer and Wholetime Director of APSEZ.
All requisite clearances and permissions for setting up of the terminal at Yangon have been received in the form of Myanmar Investment Commission permit.
The construction of the first phase is expected to be complete by June 2021. The build-operate-transfer (BOT) lease agreement is signed for 50 years and extendable twice for ten years each.
The terminal will have a quay length of 635 metres with the capability to handle three vessels at a time, according to an official statement.
The proposed container terminal at Myanmar is part of APSEZ strategy to expand its container terminal network in southeast Asia. This will also act as a network point to feed into the company's upcoming trans-shipment hub at Vizhinjam in Kerala.
The terminal at Myanmar will be integrated with APSEZ's ports and terminals along the east and south coast of India, unlocking synergies by offering multiple entries and exit points for the shipping lines calling on this region.
APSEZ is India's largest port developer, operator and the logistics arm of the Adani Group. Its 10 strategically located ports and terminals represent 24 per cent of the country's total port capacity, handling vast amounts of cargo from both coastal areas and the vast hinterland. (ANI)
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