A partial view of Iron Ore Berth at Visakhapatnam Port which has been taken over by  Essar Ports
A partial view of Iron Ore Berth at Visakhapatnam Port which has been taken over by Essar Ports|File photo
Business & Economy

Essar Ports handles 11.23 million tonnes of cargo in Q1, sees signs of revival

NetIndian News Network

Mumbai, July 7, 2020

Essar Ports today said it had had handled 11.23 million tonnes of cargo in the first quarter (Q1) of FY2020-21, ended June 30, which pointed to signs of recovery in the economy that has been hit hard by the coronavirus (COVID-19) pandemic and other factors.

"Between March and May this year, the longest lockdown of the world was imposed across India to check the spread of COVID-19. Business operations came to a halt and all industries were affected. In the first quarter of FY2020-21, businesses have been on the move to optimize, reinvent and remain relevant so they could return to old performance levels," a press release from the company said.

The release said that the company saw a dip in cargo handling in April 2020 on account of dwindling production of its key customers—mainly power and steel companies.

"However, during Q1 FY21, which is the quarter ending 30 June 2020, Essar Ports recorded an impressive cargo handling of 11.23 million tonnes (MT), with June 2020 cargo growing by 75% compared to the April tonnage," it said.

“Essar Ports takes pride in manifesting Prime Minister's dream of an Aatmanirbhar Bharat. In June 2020, Unlock#1 was unleashed across the country, and the economy immediately started displaying green shoots of recovery. Our terminals, which remained operational despite challenges faced through the successive phases of the lockdown, have clocked an impressive cargo handling of 11.23 MT. We are well placed and prepared to ensure the nation’s economic engines are up and running in the most efficient manner,” said Rajiv Agarwal, CEO & MD, Essar Ports Limited.

Essar Ports specializes in development and operations of ports and terminals for handling dry bulk, break bulk, liquid and general cargo. It is one of the largest private sector port operators in India in terms of capacity and throughput. It has four operational terminals in India—one each in Hazira and Salaya (both in Gujarat) on the west coast, and in Visakhapatnam and Paradip on the east coast. The current operational capacity of the port terminals in India is 110 MTPA.

NNN

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