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Port sector attracts Rs 36,128 cr MoUs on first day of Vibrant Gujarat Summit

The investment proposals attracted by the port and port-led development sector received investment intentions worth Rs 36,128 crore on the inaugural day of the Vibrant Gujarat Summit 2019. The ninth chapter of the event was inaugurated on Friday by PM Narendra Modi and several Memorandums of Understanding (MoUs) were signed between Gujarat government's authority Gujarat Maritime Board (GMB) and different stakeholders.

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The investment proposals attracted by the port and port-led development sector received investment intentions worth Rs 36,128 crore on the inaugural day of the Vibrant Gujarat Summit 2019. The ninth chapter of the event was inaugurated on Friday by PM Narendra Modi and several Memorandums of Understanding (MoUs) were signed between Gujarat government's authority Gujarat Maritime Board (GMB) and different stakeholders.

The GMB conducted a seminar on "Port Led Development & Strategies to establish India as the Transhipment hub of Asia".

The GMB, in this ninth edition of Vibrant Gujarat Summit, received 96 investment intentions and 30 strategic partnerships, a total of 126 partnerships in the ports and port-based sector.

Gopal Krishna, Secretary Shipping, Ministry of Shipping, Government of India, chaired the first session on "Establishing India as the Transhipment Hub of Asia through Port led development and Coastal Shipping".

He said, "The ports in India had their own infrastructure and system for operations related to cross shipment, but the government of India has now synchronised all the operations related to cross shipment across all ports to bring uniformity to the system."

Of the total 126 partnerships, 26 intents (21%) pertain to new port capacity creation, 13 intents (10%) pertain to development of shipbuilding and ship repair facilities, while 14 intents (11%) pertain to development of Ro-Ro & Cruise Terminals, operating ferry services and promoting marine tourism in the state.

The seminar also witnessed the Gujarat Maritime Board sign 13 MoUs (with an intended investment of Rs 19,542 Cr) amidst a special ceremony organised during the seminar in presence of Nitin Patel, deputy chief minister of Gujarat.

In terms of new port capacity creation, the GMB has signed MoUs with the Adani Group which intends to develop a cargo handling terminal for a petrochemical complex at Mundra, a captive jetty for their cement plant at Lakhpat and develop Ro-Ro terminal at Mundra at a total proposed investment of Rs 3,500 crore with employment generation for 800 people.

Dahej Harbour and Infrastructure Limited signed a MoU worth Rs 700 crore for DHIL port expansion. The Essar Group intends to develop an LNG terminal and port-based smart city in Hazira with investments of Rs 7,485 crore, generating 1,600 jobs. Hindustan Petroleum Corporation Ltd intends to develop a dedicated jetty along with storage/dispatch terminal for LPG products at Dahej and Foresight Group intends to develop CNG import facility in Gujarat with a proposed investment of Rs 1,400 crore and creation of 1,600 jobs.

Foresight Group Services Limited FZCO signed MoUs of Rs 500 crore for development of port facilities at Gujarat coast for CNG import.

The GMB has also signed a MoU worth Rs 1,350 crore with HPCL Rajasthan Refinery Ltd which intends to develop a single point mooring and the crude oil terminal at Mandvi.

In terms of port expansion projects, the GMB signed MoUs worth Rs 2,100 crore with Petronet LNG Limited, Gujarat Chemical Port Terminal Company Limited and Dahej Harbour and Infrastructure Limited.

A tripartite MoU was signed by Port of Amsterdam and J M Baxi & Co. for developing four cruise terminals at Mandvi, Dwarka, Porbandar and Veraval, for developing cruise tourism in the state at a proposed investment of Rs 800 crore.

The ceremony also witnessed the GMB signing MoUs with Eagle Rail Container Logistics for setting up smart, intelligent container handling at multiple GMB ports with investments of Rs 1,000 crore. Marine Emergency Response Centre Pvt Ltd proposed investments of Rs 200 crore for setting marine emergency response system, Pollution Control and Response Centre and offering ETV (Emergency Towing Vessel) Support and Nirma Ltd signed MoU worth Rs 160 crore for developing a captive jetty at Bhavnagar.

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