Essar Ports Cargo Handling Jumps Over 23% To 49.22 Million Tonne In 2019-20
Boats are moored in front of the Jawaharlal Nehru Port in Navi Mumbai India. (Photographer: Dhiraj Singh/Bloomberg)

Essar Ports Cargo Handling Jumps Over 23% To 49.22 Million Tonne In 2019-20


Essar Ports on Wednesday said its cargo handling grew over 23 percent to 49.22 million tonne in 2019-20.

Essar Ports is one of the country's largest private sector port and terminal developers and operators and claims to have invested Rs 11,000 crore in developing world-class terminals in three states.

"Essar Ports' business, which operates four terminals on the east and west coasts of India, has registered a 23.5 percent growth in cargo volumes in FY 2019-20, with a throughput of 49.22 million tonne," the company said in a statement.

Also read: Essar Group To Further Cut Down Debt By 70% In Last Leg Of Deleveraging Exercise

In terms of their fourth quarter performance, the terminals recorded a 4.63 percent growth in cargo, with a throughput of 11.08 MT, it said.

Essar Ports Managing Director and Chief Executive Officer Rajiv Agarwal said, "Our focus on driving operational efficiencies and optimising operations has helped in recording strong growth. The heightened activity in the Indian economy has helped us consistently surpass the average sectoral growth rate."

While the mitigation measures adopted to control the Covid-19 outbreak have given rise to several limitations, the high mechanisation at facilities has enabled them to continue to operate and service customers, thus allowing them to meet the cargo-handling requirements of the nation, he added.

Also read: BC Tripathi Joins Essar Exploration & Production Mauritius As Non-Executive Chairman

Its Hazira terminal recorded a growth of 6.32 percent during the financial year handling 25.42 MT cargo, while Vizag terminal saw a rise of 34.06 percent in cargo handling of 12.87.

Salaya terminal saw a jump of 177.21 percent in cargo handling to 5.96 MT, while Paradip terminal handled 4.97 MT cargo witnessing 18.05 percent growth.

Essar Ports is one of India's largest private sector port and terminal developers and operators.

Also read: Cargo Volume At 12 Major Ports Rose Marginally Till February

Its current operations span four terminals with a combined capacity of 110 million tonne per annum, which is roughly 5 percent of India's port capacity.

The company claims to be a leader in the non-containerised bulk cargo space.

All terminals of Essar Ports are equipped with advanced cargo handling infrastructure and are well poised to double capacity in the near-to-medium term.

Also read: India to Miss Sugar Export Target as Lockdown Roils Ports

The company said it is working in tandem with the Government of India to meet its ambitious target of becoming the $5-billion economy.

Outside India, Essar Ports' business operates an oil terminal in Stanlow, the U.K., and has a coal berth in the development stage at Mozambique's Beira port.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.