The New Mangalore Port Authority (NMPA) has signed seven MoUs (Memorandum of Understanding) with several stakeholders worth an aggregate investment of 8,347 INR crores. The MoUs were signed following the Global Maritime India Summit (GMIS).
The investments majorly focus on port-led industrialization, with Mangalore Refinery and Petrochemicals Ltd (MRPL) leading the investments. The MoUs were signed for the following projects:
- MRPL will invest an estimated 5,000 INR crore towards port infrastructure and 1,500 INR crore for setting up their desalination plant.
- HPCL (Hindustan Petroleum Corporation Ltd) will invest an estimated 800 INR crore towards port-led industrialization.
- Indian Oil Corporation Ltd to invest 500 INR crore towards port-led industrialization.
- Sealord Containers Pvt Ltd will invest approximately 500 INR crore in an integrated LPG and bulk liquid POL storage facility.
- PHPC Associates to invest approximately 47 INR crore towards tank frames and storage infrastructure.
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These investments are envisaged to enhance Mangalore’s trade and commerce. In a statement, the Chairman of NMPA, Dr AV Ramana, expressed commitment to the maritime industry and viewed the MoUs as positive steps forward.
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