Govt fast tracks Rs.3,050-cr port project

In a bid to commission the project by the middle of next year, the Cochin Port Trust (CPT) has placed the port project on a fast pace of development. The project, which entailed an investment of Rs. 3,050cr, is being financed jointly by the Indian Navy with a contribution of Rs. 1,050cr, said chairman (in-charge), Cpt. A V Ramana, adding that the Central government may provide funding under Sagar Mala project for outer harbor. Once outer harbor is in place, the dredging cost of Cochin Port Rs. 120-cr a year will drop to Rs. 60cr. Sagar Mala project is a strategic and customer-oriented initiative of the Central government to modernize India's Ports so that port-led development can be augmented and coastlines contribute towards India's growth. The trust will appoint a committee to study the financial viability of the project and after that the trust will approach both state and the Centre to move ahead in the project. Out of the dredging cost of Rs. 120-cr a year and the operating income of Rs.448.46cr, the trust has made an operating surplus of Rs. 118.50-cr to enable the trust to meet its expansion investment requirement.