Gujarat Pipavav Port Limited (GPPL) informed that it had inked a non-binding Memorandum of Understanding (MoU) with the Gujarat Maritime Board (GMB) indicating a possible investment of Rs 17,000 crore at Pipavav Port going forward. After the declaration, shares of GPPL went up by 3.33% to Rs 164.25 at the stock exchanges.
The planned expenditure is a condition of the extension of GPPL's concession agreement for a long time, which is valid until September 2028. Besides, the infusion of funds seeks to upgrade and expand the port infrastructure through the increase of the operational capacity of the container, liquid cargo, and Roll-on/Roll-off (RoRo) activities.
GPPL, as part of its growth strategy, foresees the deepening of the waterfront, the expansion of the storage and rail-siding capacities, and the installation of the latest handling supporting trade volume increases. Moreover, the firm wants to put in place top-notch multimodel connectivity solutions that integrate sea, rail, and road transport so as to facilitate access to the industrial northwest corridors of India.
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The company is also looking at the possibility of strategic partnerships to raise the efficiencies of cargo handling, to improve the levels of services, and to be sure of gradual growth over the long-term period.
Gujarat Pipavav Port, situated on the southwest coast of Gujarat near Bhavnagar, is the first private sector port in India. In fact, its strategic location along the major international sea routes makes it an important logistics hub that connects India to the US, Europe, Africa, the Middle East, and Far East — thus, helping India to be more competitive globally in the field of trade.
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