International BusinessEnnore Port pays Rs 4.15cr dividend to Centre
Ennore Port Limited (EPL) on Friday handed over Rs 4.15 crore as dividend to the Government of India and Rs 2.07 crore to the Chennai Port Trust, thus becoming the first port in the country to pay dividend to the Centre.
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The Government of India and the Chennai Port Trust are the major partners in Ennore port.
The cheque was handed over to Union Shipping Minister GK Vasan and to Captain Subhash Kumar, chairman, Chennai Port Trust, by S Velumani, chairman and managing director, EPL.
The port reported a profit after tax of Rs 41.46 crore and declared a dividend of 15 per cent or Rs 6.22 crore.
Speaking on the sidelines, the minister said the port had been conferred the mini ratna status, which would enable it to “enhance functional and financial autonomy”. The port attracted private investments worth Rs 1,200 crore, he added.
Construction work on the Rs 110 crore car export terminal at the port was in progress according to the memorandum of understanding signed with Nissan Motors. Upon completion of the terminal, Nissan could export 180,000 cars per year.
Exports are expected to commence by August 2010, said Velumani. The project includes construction of berth, dredging of basin to 12 metre, and parking yard of 175,000 sq mt
The minister said the new coal and iron ore terminals, being developed at a cost of Rs 880 crore to handle eight million tonnes of non-Tamil Nadu Electricity Board coal and 12 million tonnes of iron ore, would commence operation by August 2010.