Maharashtra to sign MoUs for two port projects

MUMBAI: Maharashtra government would sign an MoU with Hindustan Infrastructure Project & Engineering and Earnest Shipping & Ship Builders for development of two ports in Sindhudurg district.

The state cabinet on Wednesday decided to go ahead with the long-pending projects to be implemented by these two companies by forming special purpose vehicles within 60 days of receiving letters of intent. Hindustan Infrastructure Project & Engineering would sign an MoU for an investment of Rs 1,000 crore to build Vijaydurg port. The port, in its first year of operation, would have the capacity to handle 7.5MT cargo and scale up the capacity to 75MT per annum on completion of work. Earnest Shipping & Ship Builders would invest Rs 995 crore in developing Reddy port in Sindhudurg district.