Chennai: With the Union shipping ministry setting into motion the work to establish the Enayam port near Colachel in Kanyakumari district, the first container berth in Phase-I is expected to be operational by December 2020.
The estimated cost of Phase—1 development is Rs 6,575 crore. Presently, the work on preparing a Detailed Project Report (DPR) is underway. The ministry has proposed to develop the port under the Landlord model.
Going by modest estimates, by the time the BJP completes its term in office at Delhi, the saffron party would boast of seeing its poll promise translating into a mega project.
The expected income generation will be of the order of Rs 1,149 crore per annum by the year 2020, as per the Techno-Economic Feasibility Report (TEFR).
EXIM trade will increase and this would lead to increase in employment and other benefits to the national economy out of this major port project coming up at a cost of Rs 27,570 crores and situated about 11 km from the ancient port town of Colachel.
According to sources, private operators are expected to invest about '2,500 crore for developing terminal berths, yard and equipments. Nearly 70 per cent of the remaining amount (Rs 4,075 crore) will be funded through debt and the balance 30 per cent would be equity invested by three major ports of VOC Port Trust, Tuticorin, Chennai Port Trust and Kamarajar Port Limited, respectively, besides few “strategic partners.”
It is said the State government has assured to provide necessary facilitation, cooperation and support for implementing the project, which will be a major gateway container port for Indian cargo presently trans-shipped outside the country and a trans-shipment hub for the global East-West trade route.
