Essar Ports To Ink Pact With Mozambique Authorities (03-Feb-2012)
Essar Ports, the second largest private port operator in India, is in talks with Mozambique authorities for signing a concession agreement with the Mozambique administration for development of a port there in the next six months.
The company plans to set up a 30-40-million tonnes port in Mozambique, which will be its first overseas project. The port will be handling iron ore for one of its affiliates and coal for third-party customers.
Essar Ports reported 45%increase in its net profit for the third quarter of this fiscal at Rs 44.81 crore against at Rs 276.78 crore, beating the recessionary trends in the global shipping markets. Average realization per tonne improved 28 per cent to Rs. 237 this fiscal from Rs 185.
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