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Cabinet Committee on Economic Affairs (CCEA) today approved the implementation of the ‘Deepening and Widening of Main Harbour Channel and Approach Channel of JN Port’ project at an estimated cost of Rs.800 crores consisting of direct capital cost of Rs.670 crores, financing cost of Rs.58 crores being Interest During Construction (IDC) and Rs.71 crores as contingency expenses and expenditure on other related items, such as channel marking buoys etc. and other overheads and for completion of the project within a period of 27 months.
The benefits coming out of the project would be:
(i) Enable the port to attract large size container vessels and deep draught vessels, which would save precious foreign exchange by minimizing opportunity cost (ship waiting cost and transportation cost).
(ii) Facilitate the emergence of JN Port as regional container hub over a period of time, since shipping lines would be willing to bring in their mother vessels directly to the Port.
(iii) Facilitate augmented growth in trade, employment generation and increased income, incremental regional economic development in addition to other spin-off economic benefits.
(iv) Provide a cost-effective and efficient gateway for imports and exports of industries in the Special Economic Zone, which is planned to be developed at Dronagiri, adjacent to the port by City and Industrial Development Corporation of Maharashtra Limited (CIDCO).
YSR/HS/HK/LV
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