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The Union Minister of Shipping, Road Transport and Highways, Thiru T.R. Baalu has granted in-principle approval for the development of second container terminal in Chennai Port. The estimated cost of the project would be Rs. 491.76 crore, of which Chennai Port will contribute around Rs.100 crore and the remaining will be met by BOT (Build Operate and Transfer) operator.
Quay length of the terminal will be up to 826 metres consisting of East Quay and South Quay - III. 400 metres of this length can be dredged to a depth of 13.5 metres which will be sufficient to handle the fourth generation vessels. The gestation period required in creating basic infrastructure is reduced and the berth can be put to use straightaway by the operators. The container terminal is expected to handle one lakh TEUs in the 2nd year which would reach at the optimum level of six lakh TEUs from the seventh year onwards. The project is expected to generate revenue of Rs.20 crore in the second year which is expected to gradually increase to Rs. 120 crore.
The second terminal would provide an alternative to the existing terminal, enhance the services standard and may bring down the cost of exim trade. According to estimates by various agencies, the container traffic in Chennai port is expected to reach one million TEUs by the year 2010-11 and cross 2 million TEUs by 2020.
RS/BS
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