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Essar ports to invest US$500 million in Mozambique

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LNG Industry,

According to the latest Bloomberg report, the ports arm of the embattled Essar Group has announced that it will invest US$500 million over the next 30 months to expand capacities at its two existing domestic projects and also build a new coal terminal in Mozambique.

The investment will be completed over the next two-and-a-half years and will take its cargo capacity to around 110 million tpy.

It is also negotiating with the Gujarat Maritime Board for a large capacity addition at the Salaya Port, which may entail investments of over Rs 10 000 crore to raise the dry bulk potential and add a few berths for LNG and liquid cargo handling.

The company is looking at multi-location LNG handling capacity and named Hazira as one of the other locations where it could be based.

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