Maritime Summit: Gadkari all set to seal Rs 1.2 Lakh crore investments

NEW DELHI: Investment proposals worth Rs 1.2 lakh crore in the shipping sector will be finalised during the upcoming maritime investment summit, shipping minister Nitin Gadkari has said Gadkari said his ministry was in talks with several potential investors who have shown their willingness to invest in India’s new ports, shipbuilding and capacity enhancement projects.

“We have identified over 100 projects that would be offered to private investors,” the minister told a news conference on Wednesday. The maritime investment summit will be held in Mumbai on April 14 and 15. Several big international infrastructure companies are likely to participate in the summit that will be inaugurated by Prime Minister Narendra Modi. South Korea, Singapore and Norway are the partner countries for the summit where participants are expected discuss collaboration in areas such as shipping, shipbuilding, port, maritime affairs, fisheries and aquatic resources.

Gadkari said FDI is already allowed in port development through automatic route and a 10-year tax holiday given to the industry will attract private investment.

“India stands nowhere on the shipping map of the world. We want to turn it around. Would turn India’s 7,500 km of coastline into an international investment zone,” Gadkari said. The shipping ministry has identified 50 port modernisation projects.