Cabinet eases captive waterfront norms to spur private investment | India News
NEW DELHI: Cabinet Friday approved a revision to the shipping ministry’s captive waterfront policy to accelerate private investment by providing greater operational certainty and allowing govt entities to obtain waterfronts on a nomination basis.The revised Policy for Award of Waterfront and Associated Land to Port-Dependent Industries (Captive Policy) introduces a series of reforms aimed at improving operational flexibility and strengthening infrastructure development at major ports.The shipping ministry said the revised policy allows existing captive users to develop additional berths, jetties, terminals and Single Buoy Moorings (SBMs) to meet enhanced captive requirements. It also extends the concession period to up to 30 years for govt entities while addressing changes arising from evolving business needs and regulatory conditions.Officials said there were around 24 captive waterfront facilities as of last year.
Share your thoughts in the comments
Be respectful · TOI community guidelines
“The policy is expected to provide greater certainty to investors, facilitate capacity augmentation and improve the ease of doing business in the port sector without any financial implication for the government,” the ministry said.The revised policy also provides a framework for allotting waterfronts and associated land to eligible government organisations on a nomination basis, without resorting to competitive bidding, subject to availability and prescribed safeguards.Eligible entities include Central and state govt departments, statutory authorities, autonomous bodies, public sector undertakings (PSUs) and government-controlled joint ventures operating in sectors such as fertilisers, food, petroleum, oil and gas, coal, and steel, as notified by the shipping ministry.Under the revised policy, concessions will be awarded at the notified floor price.
