|MOU signing ceremony|
Kochi, 21st August 2012: MIV Logistics Private Limited, a Company promoted by INKEL Limited in association with MFar Enterprises Private Limited and VKL Estates Private Limited is developing a Container Freight Station at Vallarpadam on 18.5 acres of land on lease from Cochin Port Trust for 30 years at an estimated cost of Rs.70 Crores. The facility is expected to be partly operational by 2012 December and fully operational by October 2013.
The Facility when fully commissioned will have a capacity to handle 1 lack TEUs per annum, both for export and import. The Facility also will have a warehouse of 60000 sft capacity. It will have an open yard of over 5 lac sq feet.for storage of containers.
MIV Logistics had signed a Memorandum of Understanding with leaders in the industry viz. APM Terminals India Private Limited in March 2012.
The final agreement for entrusting the Operation and Management of the facility to APM Terminals Private Limited is being signed today by Shri T. Balakrishnan, Managing Director, INKEL and the Chairman of MIV Logistics Private Limited & Shri Subhasis Ghosh, Managing Director, APM Terminals India Private Limited. Mr. Michael Hansen, Regional Director, Asia & Pacific, APM Terminals Private Limited were also present.
The duration of the agreement is 10 years. The permanent facilities will be owned by MIV Logistics Private Limited and the equipments for operation as well as the operating personnel will be provided by the O&M Operator. All operational expenses will be borne by APMT. The gross revenue will be shared by MIV & APMT at agreed proportions.
The Project is being funded by own resources and Term Loan from State Bank of Travancore. A Loan agreement for an amount of Rs.45 Crores has also been signed today by Shri T. Balakrishnan, Managing Director with State Bank of Travancore. The fund mobilization was done by SBI Capital Markets Limited, Mumbai.