Port operator to invest USD 8 million FDI in coastal inland waterways transport

"We will invest USD 3 million in the first phase and an additional five million will be done to import cargo handling equipment in the second phase," said an official of Summit Alliance Port East Gateway (India) Pvt Ltd.

A private port operator from Bangladesh on Tuesday pledged to invest USD 8 million foreign direct investment in coastal inland waterways transport segment implemented by Inland Waterways Authority of India (IWAI) on National Waterways-I.

"We will invest USD 3 million in the first phase and an additional five million will be done to import cargo handling equipment in the second phase," said an official of Summit Alliance Port East Gateway (India) Pvt Ltd.

Summit Alliance Port East Gateway (India) Pvt Ltd is part of a Bangladesh-based group which won a global contract as a private operator for three terminals GR-1, GR-II and BISN in Kolkata and upcoming one multimodal terminal at Kalughat in Patna.

The terminals were handed over to the operator in the event in the presence of Shipping secretary Gopal Krishna, IWAI chairman Pravir Pandey, Kolkata Port Trust chairman Vineet Kumar and other senior officials.

(With inputs from agencies.)