New Delhi [India], December 30 (ANI): The Cabinet Committee on Economic Affairs has approved the project Deepening and Optimization of Inner Harbour Facilities including Development of Western Dock on Build, Operate and Transfer (BOT) basis under Public-Private Partnership (PPP) mode to handle cape size vessels at Paradip Port.
The estimated cost of the project is Rs3,004.63 crores, which includes the development of the new Western Dock on BOT basis and capital dredging by the selected Concessionaire at a cost of Rs.2,040 Crore and Rs 352.13 crores respectively; and Paradip Port's investment will be to the tune of Rs.612.50 crores towards providing Common Supporting Project Infrastructure, as per an official release.
The decision was taken in Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Narendra Modi today.
The proposed project envisages Construction of Western Dock Basin with facilities to handle cape size vessels by the selected BOT Concessionaire with an ultimate capacity of 25 MTPA (Million tonnes per annum) in two phases of 12.50 MTPA each.
The Concession period shall be 30 years from the date of Award of Concession. Paradip Port Trust (Concessioning Authority) shall provide the Common Supporting Project Infrastructure works like breakwater extension and other ancillary works to facilitate handling of cape size vessels.
Paradip Port Trust (PPT), a major port under the Government of India and administered under the Major Port Trusts Act, 1963, was commissioned in 1966 as a mono commodity port for export of iron ore.
In the last 54 years, the port has transformed itself to handle a variety of Exim cargoes which include iron ore, chrome ore, aluminium ingots, coal, fertilizer raw materials, limestone, clinker, finished steel products and containers. (ANI)