New Delhi [India], May 29 (ANI): Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal on Sunday said that the Paradip Port is in line with Prime Minister Narendra Modi's vision of the development of eastern states, adding that the project is a milestone toward the Port becoming a 'mega port'.
With an aim for robust investor confidence by underpinning a strong vision from a long term strategic infrastructure plan including a pipeline of investable projects, the Paradip port project involves deepening and optimization of the inner harbour facilities including the development of western dock on the build, operate and transfer (BOT) basis under Public-Private Partnership (PPP) model.
The estimated cost of the project is Rs 3,004.63 crore which includes the development of the new Western Dock on a BOT basis and capital dredging by the selected concessionaire at a cost of Rs 2,040 crore and Rs 352.13 crore respectively, according to the Ministry of Ports, Shipping and Waterways.
The ministry also informed that Paradip Port's investment will be to the tune of Rs 612.50 crore towards providing a Common Supporting Project Infrastructure.
He said the project will enhance the Port's ability to handle cape size vessels, will contribute to the port's capacity addition of 25 MMTPA, and will result in improvement in the port efficiency, better cargo handling, increased trade, and also lead to socio-economic growth including employment generation.
The project will facilitate the decongestion of the port, reduce sea freight make coal imports cheaper, and boost the industrial economy in the hinterland of the port leading to the creation of job opportunities.
The port, after the project, can easily handle very large ships for which an 18-meter draft is required resulting in a reduction in logistics cost and will boost EXIM trade in the current global competitive environment, the ministry added. (ANI)