Karaikal Port to raise Rs 2,500 cr to fund LNG Terminal

Posted by Daily Shipping Times on 30-06-2017        Tweet

CHENNAI: Karaikal Port, a private port developed by Chennai-based infrastructure firm MARG, is advanced talks with three multinational companies to set up a liquefied natural gas (LNG) terminal inside the port.

The cost of the new terminal is pegged at Rs 2,500 crore and three firms - one each from the US, West Asia and Singapore - have shown interest.

The Port is planning to set up a three million tonne per annum (mtpa) capacity LNG Terminal with an investment of around Rs 2,500 crore.

Confirming the development, Mr. G R K Reddy, Chairman and Managing Director of MARG Group, "Three investors have shown interest and we are in the final stage of negotiations. We want the terminal to be operational in the next 24-30 months."