Published On:May 23 2008
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Marg to build fishing harbour in TN
Chennai: Marg Ltd has floated a joint venture company with a fishermen’s trust to build a Rs 45-crore modern fishing harbour in Kanyakumari District.
Mr G.R.K. Reddy, Managing Director, Marg Ltd, said the company has floated a special purpose vehicle, Rajakkamangalam Fishing Harbour Ltd, jointly with the Rajakkamangalam Thurai Development project Trust, created by the fishermen at where the harbour is coming up.
The Trust holds a 51 per cent stake in the equity with Marg Ltd and the EPC contractor, CCCL Ltd, a Chennai-based construction company, holding 49 per cent. Of the total cost of the project 25 per cent is in the form of equity and mezzanine funds, with the balance as debt.
The State Government has given 40 acres on 30-year lease where facilities would be created for the fishermen. These would be processing sheds, fishnet drying yards, cold storage facilities. The harbour would have a capacity to moor 300 60-ft boats and a 300-metre landing wharf.
Marg Ltd would charge a user fee of 10 per cent of the fish catch, which it would sell to seafood processing companies, Mr Reddy said.
L&T Ramboll is doing a survey and detailed project study. The foundation stone for the project will be laid this weekend.
This project would help the fishermen improve the quality and cost of their operations, he said.