Cochin Port set to attract investment to the tune of rs three thousand crores at the Maritime summit on March 2nd
Cochin Port has attracted investment to the tune of Rs 3,000 crore for
upgrading infrastructure facilities and new projects for the promotion of
maritime trade as part of the virtual Maritime summit to commence on March 2
CPT in the process
of signing 25 MoUs
The Cochin Port Trust (CPT) is also in the process of signing 25
memorandums of understanding (MoU) and the new investments will create employment
opportunities for around 3,500 people, CPT chairperson M Beena told
mediapersons here on Tuesday.
The new investments include energy projects by Indian Oil Corporation and
Bharat Petroleum and the development of a free trade warehousing zone near the
International Container Transshipment Terminal in the land handed over to DP
World.
The DP World will
establish a cryogenic warehouse at the port
The Petronet LNG will establish a gasing up and cooling down unit in the
Vypeen special economic zone. The Fertilizers and Chemicals Travancore (FACT)
Ltd will augment its cargo handling facility at the port at an investment of Rs
400 crore. The DP World will establish a cryogenic warehouse at the port, while
the IOC is planning to establish a lube oil unit and an aviation fuel terminal.
The other investors
The other investors are Parisons Infrastructure, Great Seas Services LLP,
Cochin Cements, Greenix Ventures and REC Global. The DTPC has come up with a
project to establish a water sports complex, performing arts centre and sound
and light show.
Though the Cochin Port had faced a 40 per cent decline in cargo handling
during the peak of Covid lockdown from April to June, the business has revived
in recent months and the port has overcome the loss, said Beena. The port had
witnessed a 20 per cent drop in crude oil handling due to the lockdown.
She said that IIT Madras is conducting a study on utilising the sand
dredged to deepen the Kochi Channel. The Cochin Port spends Rs 87 crore a year
to deepen the shipping channel from the outer sea to ICTT to a depth of 14.5 m.
The cost is estimated to touch Rs 100 crore next year.
