Kolkata Port Trust, West Bengal govt to sign JV for new port.

Union government-owned Kolkata Port Trust will sign an agreement with the West Bengal government on Wednesday to set up a new port at Sagar Island in South 24 Parganas district through a joint venture (JV) between the two.

The Sagar Island port is estimated to cost Rs. 11,900 crore and will be the first port to be built by the Union government in 14 years. The last major port- those owned by the Union government-to be constructed was the Kamarajar port at Ennore in Tamil Nadu in 2001 when the National Democratic Alliance government led by Atal Bihari Vajpayee was in power.

The new port will be developed through a special purpose vehicle (SPV) set up under the Companies Act, with 74% equity participation by the Kolkata Port Trust and 26% by the West Bengal government, a spokesperson for the shipping ministry said.

'Kolkata Port and West Bengal government will sign a joint venture agreement to set up the SPV, which will award concessions to private firms for setting up cargo handling facilities at the new port,' the spokesperson added.


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