- Punjab civic polls 2017 LIVE UPDATES: Counting underway, Congress heading for clean sweep
- Live Cricket Score, India vs Sri Lanka, 3rd ODI at Visakhapatnam: India closing in on series win against Sri Lanka
- ‘Dubai Duty Free’ EVC and CEO Colm McLoughlin receives honorary doctorate from Middlesex University Dubai
The NDA government Tuesday decided to set up a major port at Enayam near Colachel in Tamil Nadu. The Union Cabinet gave a go-ahead to the proposal worth an estimated cost of Rs 25,000 crore.
“Cabinet has given in-principle approval for setting up a major port at Enayam near Colachel in Tamil Nadu,” Communications and IT Minister Ravi Shankar Prasad said at a media briefing.
- A sea of opportunities along India’s coastline, experts tell Niti Aayog
- Kerala CM Vijayan to meet PM Modi on TN port clearance issue
- Troubled waters in 2 ports in 2 states right next to each other
- VS Achuthanandan voices concern over Colachal port
- Government approves proposal to build major port at Colachel, Tamil Nadu
- Cabinet renames high courts in Kolkata, Mumbai, Chennai
A special purpose vehicle (SPV) will be formed for development of this Port with initial equity investment from the three Major Ports in Tamil Nadu– V.O. Chidambaranar Port Trust, Chennai Port Trust, and Kamarajar Port Limited. The SPV will develop the port infrastructure including dredging and reclamation, construction of breakwater, ensuring connectivity links, a government statement said.
At present, there are only a few ports in India that have sufficient draft and can match global cargo handling efficiencies. Currently, all of India’s trans-shipment traffic gets handled in Colombo, Singapore and other international ports. Indian port industry loses out up to Rs 1,500 crore in revenues each year.
“Establishing this Major port at Enayam will not only act as a major gateway container port for Indian cargo that is presently trans-shipped outside the country, but also become a trans —shipment hub for the global East-West trade route,” said a government official.