Pondy port will fetch Rs 56 cr revenue: Minister

Pondicherry, Aug 3 (UNI) The government will earn Rs 56 crore in revenue by 2016 by handing over the Pondicherry Port to private parties for development on Build, Operate and Transfer (BOT) basis, Health and Ports Minister E Valsaraj told the Assembly today.

Replying to a question, Mr Valsaraj said the project had been entrusted to Subbash Projects and Marketing Limited of New Delhi for a period of 30 years.

All investments should be made by the company. The government will receive 2.6 per cent of the profit earned for the lease period.

The government will take a final decision after the Madras High Court delivers its verdict on a case relating to the port development.

To a supplementary question, he said an official committee had selected the company. The port would be developed in four phases.

The project will also help the government save dredging costs.

Elaborating further, Mr Valsaraj said the company was selected after releasing advertisements in leading English newspapers.

Presently, 76 government employees are working in the port and their employment is guaranteed.

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