Kochi, Feb 6(ANI): Prime Minister Dr. Manmohan Singh will inaugurate a Rs.3,250 crore International Container Transshipment Terminal (ICTT) at Vallarpadam in Kerala on February 11.
The ICTT is the first in the country to operate in a special economic zone and is also expected to reduce the country's dependence on foreign ports to handle the transshipment tasks.
Commenting on the new venture, Anil Singh, the Managing Director and Vice President of DP World (Subcontinent), said that he believes the port is going to be a jewel in the crown.
"In the Indian subcontinent, there are not many port projects on, there are no more new ports coming in. In fact, we are suffering from a shortage of capacity in our port sector today. So, it will be the jewel in the crown for a long time to come," Anil said.
He further said that the company is very optimistic about the project, and plans to begin the work on the second phase of the project soon.
"We have all the ingredients, that are necessary for success, it will not take long to fill the first the first phase and we should be ready to start the second phase, what we call are phase 1-B," Anil said.
"So, I am very very optimistic that we will start the Phase 1-B sooner rather than later," he added.
Dr. Singh had laid the foundation stone of the terminal in 2005.
The first phase of the new terminal is expected to have a capacity of one million TEUs, (twenty-foot equivalent unit) which consists of 600 metres of wharf, six Super Post Panamax Quay Cranes and an on-dock railhead serviced by rail-mounted support crane. (ANI)