Centre mulling to invest over Rs 2,87,000 cr for ports: Vasan

Union Minister for Shipping G K Vasan today said that the Centre is planning invest more than Rs 2,87,000 crore in major and non-major ports across the country by 2020. Speaking on the occasion of signing of agreement between Ennore Port and Nissan Motors, Mr Vasan said for the port sector, the agenda of the Centre also envisaged creation of capacity of about 3,200 MT to handle the expected traffic of about 2,500 MT during the same period. The Centre had been taking a series of initiatives for attracting investments in the infrastructure sector, he claimed and said all major ports were fully geared up to achieve the target in both investment and traffic handling. ''Concrete plans have been initiated by the government towards attaining these goals,'' he said. Cargo handling facilities in the port were being developed mainly through private sector participation, Mr Vasan said, adding this business model enabled the harbours to focus on port related infrastructure development in a timely manner. He said Ministry of Shipping had obtained approval of the cabinet for allotment of land for setting up LNG import storage and re-gasification terminal at Ennore Port by a joint venture led by Indian Oil Corporation Limited (IOCL) at an investment of Rs 4,500 crore. The capacity of the LNG terminal was five million MT per annum, he said, adding IOCL had planned to commission the project by 2016-17. UNI GV AKM RSS1454 NNNN