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Shipping min to seek VGF for two proposed major ports

Mar 28 2014, 17:53 IST
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SummaryThe Shipping Ministry will soon seek support from the Finance Ministry for covering the funding gap for two major ports proposed in West Bengal and Andhra Pradesh.

The Shipping Ministry will soon seek support from the Finance Ministry for covering the funding gap for two major ports proposed in West Bengal and Andhra Pradesh.

‘‘If the IRR (internal rate of return) goes down to something like 8%, I don’t expect people to bid too bullishly. So that portion has to be taken out, put on VGF (Viability Gap Funding). That is what I am trying to take to the Cabinet,’’ Shipping secretary Vishwapati Trivedi told reporters on the sidelines of a CII event.

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A Cabinet note on the subject is being prepared, he said.

The government has finalised Sagar (West Bengal) and Dugarajapatnam (Andhra Pradesh) as the two sites for setting up of the ports.

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At Sagar, there is a proposal to build a rail bridge as well, which means that the rate of return for that port will about 8 %.

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