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Patnaik to lay foundation stone of Subarnarekha port tomorrow

Press Trust of India  |  Bhubaneswar 

Naveen will lay the foundation stone of the much awaited in district on Wednesday, Chief Secretary A P Padhi said.

The Subarnarekha port project is being developed by Chennai-based (CPPL) which will own 49 per cent stake and with 51 per cent stake.

"We have already handed over 692 acre of land to the and remaining 150 acre of land under the ownership of some private persons and the government, will be given soon," Padhi said adding that the developers will start construction work as soon as they get 27 acre required for the approach road to the proposed

Managing said: "We will soon start construction work for the project and the will lay foundation stone tomorrow."

The proposed port is expected to be built in 4-5 years.

Narendran said the Subarnarekha project will be beneficial for the in Jharkhand, and northen parts of

"The proposed port at Subarnarekha will be helpful for our Jamshedpur steel plant," Narendran said adding that all the ports located in the state are useful for

"is suitable for our Kalinga Nagar plant, will be good for our Angul plant," Narendran said adding that the company would invest around Rs 3,000 crore in the project.

The construction of Subarnarekha port project is expected to be smooth as it has already got clearance from the

The Chennai-based CPPL had proposed construction of an all-weather deep-draft commercial port at

CPPL had signed an MoU with the government on December 18, 2006 to develop the project. Later, the revenue sharing agreement was inked between the two sides on January 11, 2008.

According to the revenue-sharing agreement signed originally, the port would have an initial capacity of 10 million tonnes per annum (MTPA), which is to be raised to 40 MTPA over 10 years.

Odisha already has three operational ports at Paradip, Dhamra and Gopalpur.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 22:40 IST