Rs 3.27 crore cheque presented as 'concession fee' for Q3

Chairman of the Karaikal Port Project Limited G R K Reddy today handed over a Rs 3.27 crore cheque to Chief Minister V Narayanasamy, the 'concession fee' for the third quarter, October to December 2017.
Welfare and Ports Minister M Kandasamy, Chief Secretary to the government Ashwani Kumar and Port Department officials were among those present.
The port was developed by the Puducherry government through Messrs MARG Constructions Limited, a private developer on 'build, operate and transfer' basis after signing a concession agreement in January 2006, a port release said.
It commenced commercial cargo handling in June 2009.
Five berths had been constructed in a phased manner.

The port handles coal, fertiliser, project cargo, cement, sugar, agro products, edible oil and container cargos.

The total transaction of cargo at the port between 2009 and 2017 was around 44.95 million tons, the release said.
As per the concession agreement, the private developer had to share 2.6 percentage of its gross revenue as concession fee per annum with the Puducherry government in four equal instalments.
The port authorities had already handed over 'lease rent' of Rs 33.75 lakh to the government for fiscal 2017-2018.
The release said the government had received a total revenue of Rs 49.77 crore from 2009 to 2017 as concession fee and lease rent from the port.

It also stated the port at Karaikal had generated direct and indirect job opportunities, benefitting around 1000 persons.
"The port, which has caused substantial positive impact on the socio-economic profile of the Karaikal region, is poised to enable the region have larger industrialisation sooner than later," the release claimed.