In order to ensure ease of doing business and creating investors friendly environs by opening a string of opportunities for private companies in the maritime sector, the government has recently approved Model Concessionaire Agreement for the port projects. The new model agreement allows flexible working contracts and exit norms ensuring renegotiation of contracts through the exit policy route bringing in respite to the industry. The MCA will be applicable for new projects conceived under the shipping ministry's ambitious Rs 8 trillion Sagarmala programme wherein the government plans to construct new ports and 142 cargo terminals at major ports. According to an official, the decision that was approved by the Union Cabinet, earlier this month, would make port projects more investor-friendly and make investment climate in the sector more attractive. The exit policy for the port projects has been proposed on the lines of a similar policy in the highways sector. The amendments to the MCA envisage constitution of a Society for Affordable Redressal of Disputes-Ports (SAROD-PORTS), similar to the provision available in the highway sector. Under the revised MCA, the developers have been allowed to exit from a project by way of divesting their entire equity after completion of two years from the commercial operation.
📅Published on:
28 January 2018
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