Chennai : A Concession Agreement has been signed between V.O.Chidambaranar Port Authority (VOCPA), Tuticorin, and Tuticorin International Container Terminal Private Limited (TICTPL) for conversion of Berth No.9 as a container terminal at the VOC Port at an estimated cost of Rs 434.17 crore. The agreement was signed yesterday on behalf of VOCPA by Port Chairman T.K.Ramachandran and on behalf of TICTPL by JM Baxi Ports and Logistics Limited (JMBPL) Managing Director Dhruv Kotak, an offcial release here today said.

As per the Concession Agreement, the container handling facility will be developed by the Concessionaire at an estimated cost of Rs.434.17 crore, with an estimated capacity addition of 6,00,000 TEUs per annum. The project would be executed on DBFOT (Design, Built, Finance, Operate and Transfer) basis, with a construction period of 21 months and is slated to be completed by December, 2024.

Speaking on the occasion, Ramachandran said the terminal with a length of 370 metres and draft of 14.20 metres would be able to cater to vessels upto 8000 TEUs, thereby, facilitating to attract more investments and pave way for the economic development of the region.The VOCPA, presently, the second largest container handling port in TamilNadu, has a container handling capacity of 1.17 million TEUs per annum. The Port had handled 7.6 lakh TEUs of containers during the last financial year 2021-22.