Mangaluru Secures Impressive ₹8,347 Crore Maritime Investment for Economic Uplift

The recently concluded Global Maritime India Summit (GMIS) has paved the way for a substantial financial infusion of approximately ₹8,347 crore into the Mangaluru region. The New Mangalore Port Authority (NMPA), the sole major port in Karnataka, solidified this economic windfall by signing seven memorandums of understanding with various stakeholders.

The lion's share of the investment influx is earmarked for port-led industrialization, with Mangalore Refinery and Petrochemicals Ltd (MRPL) leading the charge. MRPL has unveiled plans for a ₹5,000 crore investment in port infrastructure to foster business development, coupled with an additional ₹1,500 crore for the expansion of its desalination plant capacity.

In addition to the strategic collaboration with MRPL, NMPA inked MoUs with Hindustan Petroleum Corporation Ltd (₹800 crore) and Indian Oil Corporation Ltd (₹500 crore) in support of port-led industrialization initiatives. Sealord Containers Ltd's memorandum of understanding is centered on establishing an integrated LPG and bulk liquid POL (petroleum, oil, and lubricants) storage facility in Mangaluru, with anticipated investments totaling ₹500 crore. The MoU between NMPA and PHPC Associates, aimed at the installation of tank farms and storage infrastructure at New Mangalore Port, is expected to attract approximately ₹47 crore in investment.

Ananthesh V Prabhu, President of the Kanara Chamber of Commerce and Industry, expressed optimism about the transformative impact of these investments on the region's trade and commerce. Welcoming MRPL's proposed capacity augmentation at the desalination plant, he highlighted the chamber's prior advocacy on the matter with relevant authorities. Emphasizing the crucial need for available industrial land in the port's vicinity to support the burgeoning industrial activities, Prabhu underscored the significance of addressing poor connectivity between Mangaluru and Bengaluru, which has led to a substantial loss of cargo business to other ports.

AV Ramana, Chairman of the New Mangalore Port Authority, affirmed the commitment to bolstering contributions to the maritime sector, characterizing the MoUs as a commendable stride in the right direction. As these agreements materialize, the region anticipates a substantial economic upswing and enhanced connectivity to solidify its position in the maritime landscape.

HBL