Israel Ports Development & Assets Company Ltd. subsidiary Amaryllis Ltd. and its Indian partner Cargo Motors Ltd. have passed the prequalification stage in the tender to build a new wharf at the Chennai port, in Tamil Nadu State in southeast India. This is the Ports Development Company's second project in India.
Last year, Amaryllis and Cargo Motors won the tender to design, build, and operate the Nargol deep water port in Gujarat in northwest India. The Chennai port tender is to build a roll on-roll off wharf for vehicles. Chennai (formerly Madras) is one of India's main economic centers, and handles the country's motor vehicles industry.
Meanwhile planning of the $700 million Nargol deep water port, located 145 kilometers north of Mumbai, is also moving forward. The port will initially handle three million tons of cargo annually.
Israel Ports Development Company CFO and Amaryllis CEO Richard Ben-Haim says that the company is pursuing Israel's strategic goal of expanding international marketing activity in India, one of the world's biggest economies. "In the coming years, we will invest huge amounts in Indian infrastructures and transport infrastructures, beginning with seaports. This is the perfect time to expand the company's international business," he said.
Published by Globes [online], Israel business news - www.globes-online.com - on December 26, 2012
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