MbPT aims signing pacts for over Rs 20k cr investments ahead of govt summit

Mumbai Port Trust (MbPT) is targeting to sign pacts entailing investments of over Rs 20,000 crore by shipping and oil companies in the coming few days, a top official said on Wednesday.

Rajiv Jalota, chairman of the port, one of the oldest in India, said Memoranda of Understanding (MoUs) entailing over Rs 7,500 crore in investments have already been signed in the last two days.

The investment pacts, being signed in the run-up to the second Maritime India Summit to be held next week, will go beyond Rs 20,000 crore, he told reporters here.

Jalota said a bulk of the investments will be coming in from the oil companies that are looking at setting up crude landing, bunkering, pipelines and other allied infrastructure.

One of the MoUs has been signed with Cordella Cruises Waterways Leisure, which will be investing Rs 3,000 crore to purchase ships which will take tourists around the country and outside, the port said.

HPCL and BPCL, which are next month commissioning what is billed as the largest berth for oil carriers in the country that will accommodate ships of up to 220 metres in length, have signed a pact to invest an additional Rs 1,500 crore to set up oil tanks, Jalota said.

It also involves reclaiming close to 30 acres of sea by land filling near the Jawahar Dweep, he said. Meanwhile, Jalota also said that the port is hopeful of starting water taxis to connect the island city with its suburbs in Navi Mumbai and has already signed multiple MoUs with partners for the same which entail smaller investment amounts.

A plan is also on to start a roll-on-roll-off service connecting the port with the country's largest container port, JNPT, located across the harbour for easy movement of trucks between the two ports, he said, adding that it will ease the traffic situation in the city.

The MIS is being held after a gap of nearly five years, in which the Narendra Modi government is looking to attract investments from across the world into the ports and shipping sector.