EVTL reports 45 pc growth in overall cargo in Q1 Fy 2019-20

EVTL reports 45 pc growth in overall cargo in Q1 Fy 2019-20

Agency News

Visakhapatnam, Aug 1: Essar Vizag Terminal Limited (EVTL), that operates 24 MT (million tonne) Vizag terminal, which is India’s largest integrated iron ore handling complex located on the outer harbour of Visakhapatnam Port, on Thursday reported a 45 per cent growth in overall cargo throughput in the first quarter ending June 30, 2019 of the current fiscal 2019-20.

The significant growth in overall cargo was primarily driven by a sharp rise in third-party cargo, with volume more than tripling when compared with the corresponding quarter in FY 2018-19, the company said in a statement here.

Cargo volumes from the anchor customer increased by 5.6 per cent over the same period and the share of third- party cargo in the overall cargo volumes grew to 40.6 per cent, it said.

Essar Ports, one of India’s largest private sector port and terminal developers and operators, had invested Rs 11,000 crore in developing five world-class terminals in three states.

Its current operations span four terminals with a combined capacity of 110 MTPA, which is roughly 5 per cent of India’s port capacity. (UNI)