Odisha Chief Minister Naveen Pattanaik Wednesday laid the foundation stone for a Rs 5,000 crore new port in Balasore district.
The all weather commercial Subarnarekha Port is being developed jointly by Tata Steel having 51 per cent share and Chennai based Creative Port Private Ltd (CPPL) with 49 per cent share, is scheduled to be commissioned within 36 months period.
"I am delighted to lay the foundation stone for the proposed Subarnarekha port today," Pataik said while addressing a regional Youth Conclave of Biju Yuva Bahini here at the police line field.
"Estimated project cost of the port is Rs 5,000 crore for which 692 acres of land have already been provided to the developers," an official statement said.
Balasore MP Rabindra Jena said "This port will create direct and indirect employments for at least 12,000 people."
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