Around 1 lakh tonne iron ore moved out of port

naeem@coastaldigest.com ( Ronald Anil Fernandes, Deccan Herald)
March 28, 2011

ore

Mangalore, March 28: With the Supreme Court giving its nod for the export of iron ore accumulated at major ports, about 1 lakh tonnes of iron ore has already been exported to China from the New Mangalore port.

While the first consignment of around 27,000 tonnes of iron ore was sent on March 18, the second consignment of around 72,800 tonnes has been sent on March 26, thus clearing a total of 97,800 tonnes out of the total 2.3 lakh tonnes of iron ore laying in the New Mangalore port.

As of now, Sesa Goa and MEL (Mineral Enterprises Ltd) have got permission to export their accumulated cargo at the port. While the first consignment of 27,000 tonnes of iron ore cargo belonged to Sesa Goa, the second consignment of 72,800 tonnes belonged to MEL. Both the consignments have taken the ore to China.

It may be recalled here that the State government had banned the iron ore's offshore movement in July 2010 in the wake of widespread allegations of illegal mining, following which the ore was held up in the ports. However, the Supreme Court allowed the export of iron ore that has accumulated at major ports on February 11 following a writ petition.

Thousands hit

As the remaining 1.3 lakh tonnes of iron ore belongs to minor exporters, it may take some more time for export, according to sources in the port.

Meanwhile, M Shekar Poojari, the President for Association of New Mangalore Port Stevedores, said that though the Supreme Court ruling is a good news, it will not help minor exporters. Explaining the same, he said several minor exporters have little quantity of iron ore lying in the port, that is, between 1,000 to 10,000 tonnes, which is too less for export.

Stating that more than 7,000 workers and 2,300 truckers have been hit hard following the ban, rendering them jobless, he said the Port too incured a huge loss as machineries worth crores of rupees were lying idle all these months. “If there is any allegation against any particular exporter, why punish everybody?” he questioned.

Huge loss

The Port could export only 8.38 lakh metric tonne of iron ore in 2010-11, till date (Port could export only till the ban was imposed in July 2010) as against the export of 52 lakh metric tonnes in 2009-10, thus incurring a huge loss to the only major port of Karnataka. For several years, iron ore constituted a major share of the New Mangalore Port's cargo handling.


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News Network
January 10,2020

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.

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News Network
March 23,2020

Kasaragod, Mar 23: With 19 more positive cases reported on Monday, surveillance against people coming out of their houses and wandering around in public places has been intensified in the district.

With today's addition, the total number of positive cases of Novel Coronavirus (COVID-19) has increased to 38 in Kasaragod.

There will be total restriction in place for the public to step out of their houses. Those who are found outside on the streets would be arrested, caution the district authorities. Please log in to get detailed story.

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News Network
July 12,2020

Bengaluru,  Jul 12: In view of the rising COVID-19 cases in Bengaluru, a complete lockdown will be implemented in Bengaluru City and Bengaluru Rural areas from 8 pm on July 14 to 5 am on July 22.

"Essentials such as hospitals, groceries, milk, fruit, vegetables, medicines will be available during this period. In addition, medical and postgraduate examinations will happen as already scheduled," the Karnataka CMO informed.

Chief Minister BS Yediyurappa appealed: "Co-operate with all social security policies, wear masks, and abide by government-issued lock-down guidelines for buying everyday items. Your collaboration is essential to controlling the spread of COVID-19 infection."

"I would like to congratulate all Asha activists, medical and police personnel, officers, volunteers, journalists and all those who work directly and indirectly to control the spread of COVID-19 infection," he added.

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