Kolkata Port Trust plans to auction 100 acres of 'unused land' to raise Rs 3,000 crore

KOLKATA: Kolkata Port Trust ( KoPT) is contemplating putting on auction around 100 acres of its ' unused land' in and around the city to raise majority of Rs 3,000 crores required to meet its employees' pension agreement.

Addressing newsmen in Kolkata on Tuesday after announcing the country's only riverine port's financial results for 2011-12 and future growth plans, KoPT chairman Manish Jain said they have received the 'green signal' from the ministry of shipping.

"Following the receipt of the 'green signal' from the ministry of shipping, KoPT has identified at least seven or eight locations. As we require about Rs 3,000 crore to meet the pension commitment of the PSU, we are planning to put these land on auction, either for outright sale or for long term lease to the prospective buyers to raise majority of the pension fund,' Mr Jain said.

He refused to give any more details since the entire process, particularly in terms of modalities of the sale agreement, is still at a preliminary stage.

Earlier, Mr Jain said, KoPT having both Kolkata and Haldia Dock Systems under its jurisdiction, had recorded over 30 % growth in cargo handling to over 43,245 million tonnes last year. It clocked a growth despite the loss of around six million tonnes of cargo handling since last September because of the euro crisis.