India builds port consortium to acquire, develop foreign ports: Report

India to build a port consortium to acquire, develop foreign ports: Report

India is building a consortium of state-run port ventures to acquire and develop foreign terminals to secure its strategic and commercial interests globally, Mint has reported.

The consortium consists of India Ports Global Ltd (IPGL), Sagarmala Development Co Ltd (SDCL), and Indian Port Rail and Ropeway Corp Ltd (IPRCL) and is expected to strengthen India's maritime heft, the report added.

IPGL will be responsible for day-to-day operations, IPRCL will build the infrastructure and SDCL will raise finances, the reported cited shipping secretary TK Ramachandran as saying.

"The focus will be on potential development opportunities along the proposed 7,200 km-long International North-South Transport Corridor (INSTC), a multi-modal network of roads, railways, and sea routes that connects India to Russia, Iran, Central Asia, and Europe. Also, the India-Middle East-Europe Economic Corridor (IMEC) and the Eastern Maritime Corridor would provide opportunities to India to develop infrastructure that further facilitates cargo movement along global trade routes," Ramachandran said.

Moneycontrol couldn’t verify the report independently.

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The consortium will first begin work on Mongla, the second largest port in Bangladesh, providing India access to trade from its Northeast region and connection to Nepal and Bhutan.

India has already begun operating the Chabahar port in Iran and Sitwe in Myanmar. Talks are underway to take up two more port development projects in Bangladesh and Sri Lanka, the secretary said.