BUSINESS

Shyam group plans minor port in Orissa

Special Correspondent

Steel outfit forms an equal joint venture with Century Plywood



IIT Chennai to prepare detailed project report

Project to be implemented in three phases



KOLKATA: The Kolkata-based Shyam Group is planning to set up an integrated minor port in Orissa for which IIT Chennai has been engaged to prepare the detailed project report, Deepakk Goyal, Executive Director of Shyam Steel, said.

The diversified Shyam Group which has interests in cement, power and steel is hopeful of signing a memorandum of understanding with the Orissa Government by January 2009, according to company sources. After signing the MoU, the company will approach the Coastal Regulatory Zone for its approval.

In the first phase, the project will entail an investment of between Rs. 1,800 crore and Rs. 2,000 crore and a capacity of 12 million tonnes annually which includes a four-berth port, two dedicated cruise terminals and a wood-based industrial park. The ultimate capacity will be between 30 million tonnes and 40 million tonnes and the implementation may have to be done in three phases.

The site that has been identified for the project is Baliharchandi, which is south of Puri and north of Chilika Lake. Around 3,500 acres has been set apart for the project. The land is proposed to be acquired through the Orissa Industrial Infrastructure Development Company and the project is to be completed within 24 months of land acquisition.

Shyam Steel, which is the third-largest stakeholder in Century Plywood, has already formed an equal joint venture with Century. The company is called Puri Port Ltd. The cargo will be clean cargo like wood and export-cargo of steel and import-cargo of raw materials.

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