Shipping ministry plans SPVs to set up 7 major ports
20 Aug 2011
The ministry of shipping is planning special purpose vehicles (SPVs) for setting up seven major ports in the country, which would involve estimated investments of around Rs35,000 crore.
These new major ports are expected to be set up by 2017.
The new ports are planned in states like Gujarat, Maharashtra, Karnataka, Kerala, Tamil Nadu, Andhra Pradesh and Orissa, according to a shipping ministry official.
The SPV model is being adopted as it could help the government raise resources from the market. These ports would follow the corporate model of Ennore Port, he said.
While the initial funds may come from the shipping ministry, these ports would have to find resources on their own for the major part, he said, adding that each port is expected to cost approximately Rs5,000 crore.
The land will be acquired by the concerned states, another official said.
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