Ministry of Ports, Shipping and Waterways on Sunday approved the Paradip port project to be developed at an estimated cost of Rs. 3,004.63 crores.
The capital intensive project at the Paradip port will transform the port to handle capsize vessel.
The project will involve deepening and optimisation of inner harbour facilities including development of western dock on build, operate and transfer (BOT) basis under Public-Private Partnership (PPP) mode.
The estimated cost includes development of the new Western Dock on BOT basis and capital dredging by the selected concessionaire at a cost of ?2,040 crore and ?352.13 crore respectively; and Paradip Port’s investment will be to the tune of ?612.50 crore towards providing Common Supporting Project Infrastructure.
Union Minister, Sarbananda Sonowal said that the success of the project is a milestone towards Paradip Port becoming a Mega Port. “This is in line with Prime Minister’s vision of development of Eastern States. The project will enhance the Port’s ability to handle Cape Size vessels, will contribute to 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 also facilitate de-congestion of the port, reduce sea freight making coal imports cheaper, and boost the industrial economy in the hinterland of the port leading to creation of job opportunities, the minister added.
The port, after the project, will be able to handle large ships, for which 18 metre draft is required, resulting in reduction in logistics cost and will boost EXIM trade in the current global competitive environment.
