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Gopalpur Port ties up funds for phase I

Gopalpur Port, a seasonal port is now developed into a all-weather port is being developed by three companies comprising Orissa Stevedores Ltd (OSL), Sara International Ltd and the Hong Kong-based Noble Group. It has tied up funds to the tune of Rs.8487 million from a consortium of 11 banks. It plans to construct 3 berths along with material handling equipment and related infrastructure. GPL is already in the process of awarding contracts to develop the port by 2012. However, it is expecting a delay from environmental clearance as wildlife enthusiast fear disruption of olive ridley turtles.

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393.67 acres of land required for the project have been allotted as the project have achieved financial closure to the tune of Rs. 14000 million. In January 2012, Sara International had left the consortium while Jindal Steel & Power has replaced it. Earlier Noble Group has left the consortium in May 2010. The project has received environmental clearance in November 2011 and construction work has begun on the project.

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