KARAIKAL PORT BECOMES FUNCTIONAL
Chennai, August 01, 2009: Subsequent to the declaration of a port at Karaikal, the Government of Puducherry decided to develop it as an all weather deep water port through private investment on Build, Operate and Transfer (BOT) basis. Accordingly an Agreement was entered into between Government of Puducherry and M/s MARG Constructions Ltd, Chennai on 25.01.2006.
Phase – I of the Project comprising of two berths which will handle 4 million tons of cargo has been completed during April 2009 at an estimated cost of Rs. 416 Crores and started functioning. The port received its first project cargo vessel M V Beluga Fanfare on 15-04-2009 and berthed in the newly built port.
In anticipation of the Gross income of Rs. 46.78 crores during 2009-10, the Government of Puducherry is expected to receive an income of Rs. 1.21 Crores as concession fee. The Chairman and Managing Director of MARG Limited, Thiru. GRK Reddy handed over to the Hon'ble Union Minister of State for Planning, Parliamentary Affairs and Culture Thiru V. Narayanasamy, on 01.08.2009, in the presence of H.E. the Lieutenant Governor of Puducherry, Thiru Iqbal Singh, Thiru V.Vaithilingam, Hon'ble Chief Minister of Puducherry, a Demand Draft for Rs 30 Lakhs being the fee of the 1st Quarter of the financial year 2009-10 i.e April-June'09.
Revenue earned through this kind of PPP Projects for the first time in Puducherry, is an extra budgetary source for supplementing Government revenue mobilization.
About MARG Limited:
MARG Ltd., formerly MARG Constructions Limited is among India's fastest growing diversified infrastructure development companies. Established in 1994, MARG Ltd. is listed on the Bombay Stock Exchange.
Headquartered in Chennai, MARG Limited is promoted by the first-generation entrepreneur Mr. G R K Reddy.
The company pioneered infrastructure development on the Chennai IT Corridor. The company's business roadmap encompasses 4 verticals – EPC Contracting – which has over 500 man years of technical experience in handling deep excavation works, high rise buildings, Power sub-stations, High power (above 132 KV) transmission lines, Marine Infrastructure, Industrial Clusters and Living Spaces.
Marine Infrastructure handles Ports & Logistics, Dredgers & Fishing Harbours; Industrial Clusters – for SEZs and Industrial Townships, Living Spaces / Real Estate - to develop commercial and residential spaces. Under the real estate vertical, MARG has already developed over 1 million sq ft of commercial space for clients like TCS, Scope International, among others.
The company's prestigious projects include Karaikal Port, MARG Swarnabhoomi, Riverside Mall, Destination Mall, Tapovan, Pushpadruma, and Hotels & Convention Centres. Also, MARG Communities Alive Council (CAC) implements the company's vision for inclusive living and focuses on sustainable community development programmes.
The company's esteemed clientele include market leaders such as Scope International (Standard Chartered Bank), TATA Consultancy Services, BHEL, Enercon India and Slash Support Systems.
More information is available at www.marggroup.com