Govt. pushes Rs. 12 lakh-cr port projects

In order to exploit the potential in the port and shipping sector, the Union government is all set to award projects worth Rs. 12 lakh-cr, Shipping and Road Transport Minister, Nitin Gadkari said in a statement elaborating that projects to the tune of Rs. 1 lakh-cr have been targeted under Sagarmala program and these are currently in various stages of implementation. The ministry, he added, plans to undertake construction of four new major ports, 200 small and minor ports and more than 2,000 water ports under the program. In its attempt to undertake the ambitious Sagarmala program, the shipping ministry has set up Sagarmala Development Company (SDC) to identify port-led development projects and provide equity support for Special Purpose Vehicles (SPVs) set up by ports, states, and central ministries. The SDC will help in structuring activities, bidding out projects for private sector participation and identifying suitable risk management measures for strategic projects across multiple states. In addition, it will also act as the nodal agency for coordination and monitoring of all the currently identified projects under Sagarmala as well as other projects emerging from the master plans.