Tuticorin (IFC-47541)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Tuticorin
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Borrower
TUTICORIN INTERNATIONAL CONTAINER TERMINAL PRIVATE LIMITED (TICTPL)
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 56.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 56.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 3, 2023

Disclosed by Bank Dec 14, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the borrower TICTPL (formed in August 2022) entered into a 30-year Concession Agreement (CA) with the Board of V.O. Chidambaranar Port Authority (VOCPA) in September 2022 for conversion of the existing Berth 9, which has been operating as a bulk cargo (fertilizers, coal, etc) terminal since 2007, into a container terminal (the “Terminal”) on a Design, Build, Finance, Operate and Transfer (DBFOT) basis. The Terminal is located within the V O Chidambaranar Port (formerly known as Tuticorin port) which is one of the major ports of India, located in the state of Tamil Nadu.

The Terminal will have an overall length of 334.50 m and 29.10 m breadth, plus a backup area of 10 Ha, which represents 1% of the total Port area and the nearest settlement is located beyond 5 km distance. The project primarily involves strengthening/upgradation/extension of existing berth (by 30 m) and installing of container handling equipment to increase the cargo handling capacity. The investment will include: (i) development of the 10 ha back up area ; (ii) strengthening/upgradation/extension of existing berth by 35.5 m length and 60 m width; (iii) concretizing the yard area; and (iv) provision of fenders, bollards, mooring rings, firefighting system, water supply system, electrification etc. at suitable locations and installing of container handling equipment including 9 no. Electric Rubber Tyred Gantry Crane (e-RTGCs), 3 no. Rail Mounted Quay Crane (RMQC), 18 no. Internal Transport Vehicle (ITV) and 1 no. Reach Stacker (the “Project”). The entire construction phase is schedule to be completed by July 2024.  

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed IFC investment is A loan of up to US$56 million for the conversion of the Berth 9 to a container terminal, adding another 0.6 million TEU (twenty-foot equivalent unit) capacity to VOCPA’s existing 1.17 million TEU of container handling capacity.                                                  

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Tuticorin International Container Terminal Private Limited (TICTPL or the “Company”) is a special purpose vehicle (SPV) and wholly owned subsidiary of J M Baxi Ports and Logistics Limited (“JMBPLL” or the “Sponsor”). 


Contact Information
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No contact information at the time of disclsoure.

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ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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