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Tuticorin Port Trust commenced the dredging work of
Sethusamudram Ship Channel Project on 2-7-2005, the day on
which the Project works were inaugurated by the Hon'ble Prime
Minister of India. The work in Palk Strait for a length of
13.57 km app. involving estimated dredge quantity of 13.55
million cubic metres is being carried out by the Dredging
Corporation of India Ltd., a PSU under Ministry of Shipping, RT
and H. The significant landmark of 1 million cubic metres of
dredging was achieved on 31-8-2005, as against total estimated
quantity of 82.5 million cub.m. for the entire channel. The
memorandum of understanding between Tuticorin Port Trust and DCI
targets completion of work assigned to them in 24 months.
The DCI will be augmenting its dredging equipment shortly
The
remaining 153.65 kms of dredged length of Sethu Channel has
been divided into three projects, with a view to completing the
dredging by November, 2007. Global Bids have been invited
for the project, the last date being 20th September,
2005. A large number of reputed Indian and multinational
companies have purchased the tender documents and participated
in the pre-bid meeting held on 17-08-2005
UTI Bank has been engaged by Sethusamudram Corporation Ltd. as
consultant for finalisation of financing mix, non-convertible
debentures/foreign currency bond/zero coupon bonds issues etc.
on no-cost basis. They have also agreed to underwrite all
the issues. SCL in a meeting held recently decided to adopt
the financing mix of 1:1:1 in the form of Rupee Term loans or
Non-Convertible Debentures, Foreign Currency Loan or Bonds and
Zero Coupon Bonds. SCL will shortly enter the market for
these issues.
Environmental Monitoring
Programme, evolved by SCL, is being strictly followed by the DCI.
46 parameters in each of the eight locations viz. dredging
area, dumping area and shore, 2 m and 5 m depths at and off
Point Calimere and Muthupet are being monitored on 4 hourly/8
hourly basis.
All the parameters so far have been at or near the ambient
levels recorded before commencement of dredging operations.
The Global bidders will also be following a similar stringent
environmental monitoring programme.
The other works connected with the Project have been divided
into 8 major projects and preparation of tender documents is in
progress so that the tendering for all the projects can be
completed by December, 2005. Simultaneously, further
investigations required during the execution phase of the
project viz., geotechnical investigations, detailed pre-dredge
survey to enable precise dredge quantity estimation etc. are
proceeding as per schedule.
SCL has
received equity contribution of Rs.87.5 crores from the JV
partners in July-August, 2005. The second instalment for
similar amount will be received during September, 2005.
Sethusamudram Corporation Ltd. and Tuticorin Port Trust are
totally committed to the twin objectives they have set for
themselves viz., creation of the Sethu Channel within the
specified time and cost and execution of the project without
any significant impact on the environment. The progress of
the dredging work in the past two months in this background
has been fully satisfactory.
Shri N.K.Raghupathy, I.A.S., CMD, SCL and Chairman, TPT
has informed the above in a press release issued today.
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