Cochin Port Receives Rs 3,000 Cr Investments; To Create 3,500 Jobs

Cochin Port Receives Rs 3,000 Cr Investments; To Create 3,500 Jobs

The Cochin Port, as part of the Maritime India Summit to be held from March 2 to 4, has pulled in investments of Rs 3,000 crore to upgrade infrastructure facilities for the promotion of maritime trade.


The Cochin Port Trust (CPT) s soon going to sign 25 Memorandums of Understanding (MoU). Expected to create employment opportunities for 3,500 people, the new investments include energy projects by Indian Oil Corporation and Bharat Petroleum. 


In the Vypeen Special Economic Zone, the Petronet LNG will soon set up a gasing-up and cooling-down unit. The Fertilizers and Chemicals Travancore (FACT) Ltd will enhance the cargo-handling facility at the port with the help of investment of Rs 400 crore. 


The other investors are Parisons Infrastructure, Great Seas Services LLP, Cochin Cements, Greenix Ventures and REC Global. The DTPC has come up with a project to establish a water sports complex, performing arts centre and sound and light show.


The Cochin Port faced a 40 per cent decline in cargo handling from April to June during the peak of Covid lockdown. However, the business has revived and the port has overcome the loss informed one of the officials. 


On March 2, the Indian Prime Minister is going to inaugurate the Maritime India Summit-2021. The Summit is organised by the Ministry of Ports, Shipping and Waterways. Around 20 countries are set to participate in the summit to be conducted virtually.


The event which will span over three days will be attended by stakeholders in the maritime sector - policy planners, international investors, CEOs of global and Indian maritime companies, experts, technology providers and representatives of major ports and shipping lines.


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