Port sector attracts investment worth 36.128 billion

On the inaugural day of the Vibrant Gujarat Summit 2019, investment proposals attracted by the port and port-led development sector received investment intentions worth Rs 36.128 billion.

The event was reportedly inaugurated by Prime Minister Narendra Modi. Several Memorandums of Understanding (MoUs) were signed between different stakeholders and Gujarat Government’s authority Gujarat Maritime Board (GMB). The GMB received nearly 96 investment intentions and 30 strategic partnerships. The ports and port-based sector reportedly bagged a total of 126 partnerships.

Of the total 126 partnerships, 26 intents (21 per cent) pertain to new port capacity creation, 13 intents (10 per cent) pertain to development of shipbuilding and ship repair facilities, while 14 intents (11 per cent) pertain to development of Ro-Ro and cruise terminals, operating ferry services and promoting marine tourism in the state.

Besides, the GMB reportedly signed 13 MoUs. In order to develop a cargo handling terminal for a petrochemical complex at Mundra, a MoU was signed with the Adani Group along with a captive jetty for their cement plant at Lakhpat and develop Ro-Ro terminal at Mundra at a total proposed investment of Rs 35 billion with employment generation for 800 people.

Dahej Harbour and Infrastructure reportedly signed a MoU worth Rs 7 billion for DHIL port expansion. The Essar Group is expected to develop an LNG terminal and port-based smart city in Hazira with investments of 74.85 billion. Also, Hindustan Petroleum Corporation will be reportedly developing a dedicated jetty along with storage and dispatch terminal for LPG products at Dahej and Foresight Group intends to develop CNG import facility in Gujarat with a proposed investment of Rs 14 billion and creation of 1,600 jobs.

Foresight Group Services FZCO also signed MoUs of Rs 5 billion for the development of port facilities at Gujarat coast for CNG import. The GMB has reportedly also signed a MoU worth Rs 13.50 billion with HPCL Rajasthan Refinery, which intends to develop a single point mooring and the crude oil terminal at Mandvi.

For port expansion, GMB has reportedly signed MoUs worth Rs 21 billion with Petronet LNG , Gujarat Chemical Port Terminal Company and Dahej Harbour and Infrastructure.