Kolkata Port Trust-Bengal govt to develop new port

Union government-owned Kolkata Port Trust has signed an agreement with the West Bengal government to set up a new port at Sagar Island in South 24 Parganas district through a JV at a cost of Rs 11,900 crore and will be the first port to be built by the Union Government in 14 years. The new port will be developed through a special purpose vehicle (SPV) set up under the Companies Act, with 74 per cent equity participation by the Kolkata Port Trust and 26 per cent by the West Bengal Government. Contact: Kolkata Port Trust. Tel: 033-2230 3451. Website: www.kolkataporttrust.gov.in