Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways and AYUSH, approved the project of Development of Oil Jetty No.09 at Deendayal Port, Kandla to handle all types of liquid cargo at Kandla on BOT basis under PPP mode on Monday. According to the Ministry of Ports, Shipping, and Waterways, the estimated project cost of developing this oil Jetty is Rs 123.40 Crore, with the project to be implemented through PPP mode and the Concessionaire arranging the financing. The construction period is expected to last 24 months, but the concession period will last 30 years. The project will use a Royalty Per Tonne revenue sharing model. Prime Minister Narendra Modi once said that Kandla Port has the potential to give the nation's economy a new direction, Sarbananda Sonowal said, and accordingly, this project will be another milestone in this journey as this Jetty and will further enhance the port capacity while also boosting the overall economic growth for its entire hinterland. The proposed project is intended to increase the port's cargo handling capacity, which will result in a reduction in liquid vessel turnaround time. This project will boost Deendayal Port's revenue by collecting royalties from the concessionaire. Given the vast hinterland that is dependent on Deendayal Port for seaborne trade and the current traffic congestion at Deendayal Port's existing liquid handling facilities, capacity additions at the port are critical for serving the economy of the region and, in turn, contributing to the development of the economy of the entire country in the best possible way, he added. In FY 2023, Deendayal Port, Kandla handled 137.56 MT of cargo, an increase of 8.23% over the previous year's 127.10 MT. 70% of cargo handled at Kandla is evacuated by road, 10% by rail, and 20% via pipeline. By 2030, the port is expected to report an annual growth rate of 10 per cent, doubling its cargo at 267 MT. Also Read Made in India product portfolio demonstrated by CASE CE In FY24, MoRTH intends to construct 45 kilometres of road daily