The Ministry of Ports, Shipping and Waterways will invite expressions of interest (EOI) bids for the development of a Mega International Container Transhipment Port (ICTP) at Galathea Bay of Great Nicobar Island in the Bay of Bengal.

The Ministry in a release on Friday said that the project is expected to complete with an estimated investment of ₹41,000 crore (USD 5 billion) including both government and private sector participation. 

The EOI will be available for submission starting on Saturday, January 28th.

The project is part of the government's Island Development programme and the Holistic Development of Great Nicobar Island, which aims to bridge the gaps in infrastructure and improve economic opportunity for the rapid increase in size for all types of vessels, from feeders to large inter-continental carriers.

A statement by the Ministry of Ports, Shipping and Waterways on the occasion read, “The proposed facility is envisaged to be developed in four phases with the total estimated cost of ₹41,000 crore (approx). Phase 1 proposed to be commissioned in the year 2028 with handling capacity of approximately 4 million containers, increasing to 16 million containers in the ultimate stage of development."

“The estimated cost for Phase 1 of the proposed transshipment port is around INR 18,000 crore which includes the construction of breakwaters, dredging, reclamation, berths, storage areas, building and utilities, procurement and installation of equipment and development of port colony with core infrastructure is going to be developed with the government support." the statement further read

The development of the Galathea Bay Transhipment Port is expected to accrue significant benefits such as forex savings, foreign direct investment, increased economic activity at other Indian ports, enhanced logistics infrastructure and efficiencies, employment generation, and increased revenue share. 

As per the Ministry, Public Private Partnership (PPP) will be encouraged for the implementation of this project in Landlord mode and the PPP Concessionaire shall have the flexibility to develop storage area, container handling equipment, and other infrastructure based on their own market and business assessment subject to the Minimum Guaranteed Traffic.

Ports, Shipping and Waterways Minister Sarbananda Sonowal while speaking about the initiative said, "This project will be a major landmark in developing India to become a self-assured and self-reliant Nation and will support the economic development of the country."

Image courtesy: Representative image/PTI