The Centre on Saturday will invite expressions of interest (Eol) for the development of an international container transshipment port at Galathea Bay of Great Nicobar in the Bay of Bengal, the ministry of ports, shipping and waterways said on Friday.
The project, which is being complemented by an airport, a power plant, and a township, is estimated to cost ₹72,000 crore. The port's cost has been set at ₹41,000 crore by the Centre and will be undertaken on a public-private partnership (PPP) mode.
Close to 850,000 trees may have to be felled for the project.
Despite the numerous environmental issues brought to the fore during the conception stage of the project, the Centre finally decided to go forward with it, seeing an economic opportunity in southeast Asia's maritime trade, it is learnt.
"Currently, nearly 75 percent of India's transhipped cargo is handled at ports outside India. Colombo, Singapore, and Klang handle more than 85 percent of this cargo. Of this 85 percent, Colombo Port handles more than 45 percent. Indian ports can save $200-220 million each year on transhipment cargo (with this port).
This story is from the January 28, 2023 edition of Business Standard.
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This story is from the January 28, 2023 edition of Business Standard.
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