This comes on the heels of the state government's recent decision to develop more small and minor ports on the east coast to cater to the coal supply requirements of power plants in the state.
Marg Constructions sources confirmed that the company would invest around Rs 1,000 crore and would likely fund the project through a special purpose vehicle (SPV). The port will commence operations in 48 months.
A senior official close to the development told Business Standard that the new port was likely to supply coal for the Tamil Nadu Electricity Board (TNEB)
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