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The Gujarat Maritime Board (GMB) and private entity Gujarat Pipavav Port Ltd on Wednesday signed a Memorandum of Understanding (MoU) for an investment of Rs 17,000 crore here with the aim to strengthen the maritime sector of Gujarat. Chief Minister Bhupendra Patel and A P Moller-Maersk Board Chairman Robert Maersk Uggla were present on the occasion. Pipavav Port or APM Terminals Pipavav, partly owned by A P Moller-Maersk, is a major private port located near Rajula in Amreli district of Gujarat, while the GMB is a government agency that manages and regulates ports in the state. "The objective of this MoU is to further strengthen the maritime sector of Gujarat through the capacity expansion of Pipavav Port," stated an official release. This project will create about 25,000 direct and indirect employment opportunities, giving new impetus to the local economy and improving the standard of living in rural areas, it said. "It will increase the existing container, bulk, liquid and Ro-Ro
NTPC Green Energy Ltd (NGEL) on Friday announced the signing of two initial pacts for the development of green hydrogen projects in Gujarat. The NTPC's arm signed the Memoranda of Understandings (MoUs) with Gujarat State Petroleum Corporation Ltd (GSPC) and Gujarat Pipavav Port Ltd (GPPL) These pacts were signed at the Vibrant Gujarat Summit in Gandhinagar. In a statement, NTPC said the pact with GSPC is for the blending of green hydrogen in the gas networks of GSPC and green hydrogen mobility by setting up of green hydrogen fuelling stations in Gujarat. The MoU with GPPL aims to develop green hydrogen ecosystem, including production of Green Ammonia at the land provided by GPPL for export and domestic market, according to the statement. NGEL is a wholly-owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in pipeline, including 7 GW under implementation.
Gujarat Pipavav Port Ltd on Wednesday posted a 51 per cent rise in consolidated net profit at Rs 107.6 crore for the September quarter, helped by higher income. It had clocked Rs 70.8 crore net profit for the year-ago period, the company said in a regulatory filing. Total income rose to Rs 274.2 crore, from Rs 237.8 crore in the same quarter a year ago. Expenses were at Rs 132.9 crore, as against Rs 137.2 crore in the year-ago quarter. The Board of Directors have also approved an interim dividend of Rs 3.60 per share for the financial year 2023-24 and fixed November 21 as the record date to determine the members eligible for receiving the amount. The dividend amount is likely to be paid to eligible members by December 5, 2023. APM Terminals Pipavav is located in Gujarat, just 152 nautical miles (10 hours steaming time) from Nhava Sheva in Mumbai. It has immediate access to key markets in northwest India and the largest sea food export belt in India via road and rail, including di