Chennai: The Chennai-based MARG Constructions Limited has achieved financial closure for the Rs416-crore Karaikal port project being developed through its wholly owned subsidiary Karaikal Port Private Limited (KPPL).
The project build-operate-transfer (BOT) model project will have a debt of Rs302 crore and Rs114-crore equity. The debt portion has been raised from a consortium of five banks and a financial institution.
According to B G Menon, CEO, infrastructure business unit, MARG Constructions, the Karaikal port will cater to the industrial belts of Tamil Nadu and Pondicherry.
Strategically located between Chennai and Tuticorin, this all-weather, deep-water port at Karaikal is expected to handle 4-million tones of cargo in the first phase. This phase of the port design and development includes the construction of two berths, dredging and reclamation of land, construction of berths and breakwater, construction of utility space, storage areas and other works. The channel would be dredged to a depth of 13 meters and the turning circle and the berth area to a depth of 12 meters.
The onsite construction and development activities for the first phase of project will begin shortly. L&T Ramboll have been appointed as the technical consultants for this project.