Cabinet approves offshore container terminal at Mumbai port
16 Nov 2007
Mumbai: The union cabinet has approved the setting up of an offshore container terminal at Mumbai port for handling large vessels, finance minister P Chidambaram said.
The total cost of the OCT project is estimated will be Rs1,228 crore. A consortium of Gammon India, Gammon Infrastructure Ltd and Dragados, a unit of ACS will invest Rs862 crore for building the terminal, he told reporters. Mumbai Port Trust will invest the another Rs366.
The terminal will increase Mumbai port''s capacity by 9.6 million tonnes a year, the minister said.
''The container terminal will enable the port to handle large-size container vessels and thereby save precious foreign exchange,'' Chidambaram said.
The offshore terminal is to be completed in 36 months while funding would be fully through internal accruals, he said.
The consortium will execute the project, and MPT will provide infrastructure support like dredging, navigational aids, and laying of tracks for a rail container depot.
The OCT will help augment growth in trade, employment generation, incremental regional economic development, and provide a cost-effective gateway for imports and exports for industries in the nearby Special Economic Zones and the opening of the retail sector, said Chidambaram.