News Details

Special Purpose Vehicle formed for developing Multimodal  Logistics Park at VOC Port


Union Minister for Ports, Shipping and Waterways, Mr Sarbananda Sonowal, has announced the forming of a Special Purpose Vehicle (SPV) for development of a Multimodal Logistics Park (MMLP) at VOC Port. The MMLP is to be developed through Public Private Partnership with the SPV providing land and connectivity and the actual MMLP infrastructure to be developed by a private developer. He said all the three stakeholders viz. Chennai Port Authority, TIDCO and NHAI, will be equity partners in the proposed SPV. The Minister also informed that equity contribution/investment of Chennai Port is the cost of the land (amounting to Rs 167 crore), NHAI/NHIDCL contribution is Rs l30 crore, and that of the state government through TIDCO is Rs 50 crore.


Speaking at the virtual MoU signing in New Delhi, Mr Sonowal highlighted VOC Port’s many advantages and said that the MMLP would create infrastructure for enabling seamless multimodal freight transfer and specialised storage solutions such as cold storage, warehouses equipped with mechanised material handling, and intermodal transfer terminals for containers, bulk and break-bulk cargo. Further, it would offer value-added services such as Customs clearance, bonded storage yards, quarantine zones, testing facilities, warehousing management services, post-manufacturing activities such as kitting and final assembly, grading, sorting, labelling, packaging, etc., highlighted a release.


Chennai Port Trust has acquired a land parcel of 121.74 acres on 99-year lease from SIPCOT for developing a Dry Port. Strategically located in Mappedu Village near Sriperumbudur, it is near the major automobile industrial clusters. Also, on its own, it is developing as a warehousing hub of Chennai. 


It is proposed to develop the MMLP in this land parcel. In addition to Chennai Port’s land, the Government of Tamil Nadu, through TIDCO, will be acquiring another 36.23 acres, and the investment for this will be made available by the state government. The required road connectivity infrastructure will be done by NHAI, and later a railway line is proposed from the nearest rail head near Kadambattur for a length of about 12 km.


The Government of India has taken a novel initiative to develop 35 MMLPs under Bharatmala Pariyojana across the country to enhance the efficiency of Indian logistics and reduce logistics costs. In this network of MMLPs, Chennai is among the first to be chosen for implementation. NHAI/NHIDCL, under the Ministry of Road Transport and Highways, has been assigned the task of developing the parks, the release added.

 

Source: Exim News Service: New Delhi, Oct. 13