Essar Shipping to Invest $1.2bn

Essar Shipping, Ports & Logistics (ESPLL) will invest around INR550bn ($1.2bn) by 2013 to increase its ports capacity and shipping activity.

Around INR31,000m ($679m) will be used to increase port capacity and more than INR24,000m ($570m) to acquire 12 dry bulk vessels.

The company aims to increase its capacity from 76MTPA to 158MTPA by 2013, and has invested around INR57,000m ($1.2bn) in ports so far.

The projects chosen for expansion include 12MTPA at Vadinar, 20MTPA at Hazira, 20MTPA at Salaya and 30MTPA at Paradip.

ESPLL will also place orders for 12 vessels for dry bulk cargo, with delivery set for the middle of next year.