The Hindu : Tamil Nadu News : Rs. 30 lakh given as concession fee for port

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Tamil Nadu

Tamil Nadu

Rs. 30 lakh given as concession fee for port

Staff Reporter

Puducherry expected to receive Rs.1.21 crore
First instance of revenue by such partnership

KARAIKAL: Chairman and Managing Director of MARG Limited, GRK Reddy, handed over Rs.30 lakh as the concession fee for the Karaikal Port for the first quarter of the financial 2009-10 to V. Narayanasamy, Union Minister of State for Planning, Parliamentary Affairs and Culture.

The Lieutenant Governor of Puducherry, Iqbal Singh and Chief Minister of Puducherry V. Vaithilingam were present. With the declaration of a port in Karaikal, the Government of Puducherry decided to develop it as an all weather deep water port through private investment on Build, Operate and Transfer (BOT) basis. Accordingly Government of Puducherry and M/s MARG Constructions, Chennai entered into an agreement on 25.01.2006. Phase I of the project, entailing two berths with a handling capacity of 4 million tonnes of cargo was completed during April 2009 at an estimated cost of Rs. 416 crore and commenced its operations. The port received its first project cargo vessel M V Beluga Fanfare on April 15. In anticipation of the gross income of Rs. 46.78 crore for 2009-10, the Government of Puducherry is expected to receive an income of Rs.1.21 crore as concession fee, said a press release from MARG Limited. This is reportedly the first instance of revenue earned through such public-private partnership agreement for Puducherry and is an extra budgetary source for supplementing government’s revenue mobilization.

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