Centre gives nod for NMPT to join MSEZ project as partner

Mangalore, July 25 (UNI) The New Mangalore Port Trust (NMPT), one of the ten major ports in the country, has been given the green signal to become the equity partner in the Mangalore special economic zone (MSEZ) project to boost its port related activities.

The Union Shipping Ministry had given 'in principle' approval to NMPT to become an equity partner in the special purpose vehicle (SPV) formed for the implementation of the MSEZ. The other partners were the Oil and Natural Gas Corporation (ONGC), the Kanara Chamber of Commerce and Industry (KCCI) and Infrastructure Leasing and Financial Services (IL and FS) and Karnataka Industrial Area Development Board (KIADB).

He said various details, including the NMPT's equity in MSEZ, were yet to be worked out.

The SPV-Mangalore SEZ Company Limited was formed on February 23 last for the implementation of the project in the port city. The NMPT Board had decided in January last to seek approval from the the Ministry to join as a partner in the project as a major chunk of the SEZ activities were mainly associated with the Port.

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