PRCL declares maiden dividend after 10 years of operation
Mumbai, October 28, 2013: APM Terminals operated Gujarat Pipavav Port (APM Terminals Pipavav), one of Western India's fastest growing gateway ports, received an interim dividend of Rs. 38 million (5%) from Pipavav Railway Corporation Ltd. (PRCL) on the 23rd of October at Mumbai- a historic first for Indian Railway's flagship infrastructure company under Public Private Partnership (PPP).
PRCL is a joint venture company between Indian Railways and Gujarat Pipavav Port under the PPP model to undertake the, construction, operation and maintenance of the Surendranagar- Gujarat Pipavav Port, rail connectivity project - spanning 271Kms.
The dividend cheque for the current financial year was handed over to Mr. Dinesh Lal - Director of APM Terminals Pipavav by Mr. Pankaj Malviya - Managing Director of PRCL.
Earlier in the week PRCL also presented the Railway Minister Mr. Mallikarjun Kharge with an interim dividend of Rs. 49 million in Delhi.
Steadily increasing traffic at APM Terminals Pipavav, which forms the bulk of PRCL's traffic, has enabled the company to roll-out its maiden dividend to the stakeholders. PRCL and APM Terminals Pipavav who jointly pioneered double stack container movement in India, upgraded to double stack high cube (9'6') capabilities in July this year which further enhanced the value proposition at APM Terminals Pipavav, which has had a direct impact on the increase in volumes to and from the port.
About Gujarat Pipavav Port (APM Terminals Pipavav)
Gujarat Pipavav Port is part of an international network of ports and terminals belonging to APM Terminals of the AP Moller-Maersk group. Strategically located in Gujarat, approximately 152 nautical miles from Mumbai, APM Terminals Pipavav is one of Western India's fastest growing gateway ports. The port has excellent connectivity to the rich hinterland in North and Northeast India. Since taking over in 2005, the port has steadily expanded its infrastructure facilities to suit its growing customer base. APM Terminals Pipavav, a successful public-private enterprise, is emerging as an important gateway port on the west coast of India for containers, bulk and liquid cargo.