Cochin Port will soon get an investment of about Rs 3,000 crore, which will be used to upgrade its infrastructure and projects to promote trade.
The Cochin Port Trust (CPT) will soon ink about 25 memorandums of understanding (MoU) to this effect. After posting a significant dip in cargo handling during the pandemic, the Port is now recovering. With the new investments coming in, about 3,500 jobs will be created.
The new investments will be in the areas of energy and trade warehousing. Indian Oil Corporation and Bharat Petroleum will be investing in energy projects, with IOC working to set up a lube oil unit as well as an aviation fuel terminal. A free trade warehousing zone will be developed close to the International Container Trans-shipment Terminal on the property given to DP World, where the latter will set up a cryogenic warehouse.
A gasing up and cooling down station will be set up by Petronet LNG, an Indian oil and gas company formed by the Government of India, in the Vypeen special economic zone. Fertilisers and Chemicals Travancore (FACT) will also invest about Rs 400 crore in the cargo-handling facility at the port.
Things sure are looking bright and will only go further in the right direction with the Maritime India Summit-2021 set to take place on March 2. Organised by the Ministry of Ports, Shipping and Waterways, it will witness participation by 20 countries. The three-day virtual event will see attendees from the maritime sector, including international maritime organisations, tech providers and shipping lines.