Coal news and updates

Essar Ports Ltd receives environmental clearance for Hazira expansion

November 25: Essar Ports Limited has received environmental clearance for expansion of berth length at Hazira Port to 4.8 km, the company said in a statement.

Project construction is expected to start after receiving the Gujarat Maritime Board's approval, it said.

Constructions of Salaya Port Terminal have been started and is expected to be completed in October 2015 while the company’s Vizag iron ore berth is expected to start operation during the current quarter (October –December quarter or Q3) of 2014-15, the statement added.

During the June–September quarter (Q2) of 2014-15, Essar Ports reported a 1% drop in in its net profit to Rs 96.1 crore from 97.5 crore in the same quarter in 2013-14 while on quarter-on-quarter basis, the company’s net profit increased 4% from Rs 92.2 crore during the previous quarter.

Rajiv Agarwal, Managing Director, Essar Ports Ltd. commented: "Infrastructure projects are expected to receive a boost with faster approval processes, the government's focus on infrastructure, improved business sentiment and financial reforms like project financing and flexible structuring. Over the next few quarters, our focus is on commencing operations at our Vizag facility, completion of the Salaya and Hazira expansion and reducing our overall interest costs to deliver better value to the shareholders."