India Forms Consortium To Acquire & Develop Foreign Terminals For Strategic Gain

India is forming a consortium of state-owned port companies to acquire and expand international terminals, strengthening its strategic and commercial interests worldwide.

The new collaboration consists of three state-owned companies: India Ports Global Ltd (IPGL), Indian Port Rail and Ropeway Corp Ltd (IPRCL), and Sagarmala Development Co Ltd (SDCL).

Per the Shipping Secretary TK Ramachandran, the consortium will strengthen India’s maritime capabilities.

IPGL will manage the daily operations of the foreign terminals, while IPRCL will oversee the installation of critical infrastructure. SDCL will prioritize securing funding resources to support these development projects.

The consortium’s main objective is to explore the potential for development along major routes that are suitable for India’s national interests.

The International North-South Transport Corridor (INSTC), a 7,200-kilometer multimodal network that connects India to Central Asia, Europe, Iran, and Russia, is a major focus.

India has previously contributed $120 million to improve Iran’s Chabahar port, a crucial node in the INSTC, under the terms of a 10-year operational agreement.

The consortium will also explore port infrastructure projects along the India-Middle East-Europe Economic Corridor (IMEC), an ambitious proposal announced at the G20 Leaders’ Summit in New Delhi.

This corridor proposes to connect India to Europe via ship and rail, passing through the UAE, Saudi Arabia, Jordan, Israel, and Greece.

India is also considering to develop a terminal in Greece’s Port of Piraeus to facilitate its European exports.

The formation of this consortium is timely, given that India has just obtained major operational rights for foreign ports.

Earlier this year, IPGL was granted permission to operate Sittwe port in Myanmar, giving it access to the strategically important Kaladan River. In July, India also obtained operational rights for a terminal at Bangladesh’s Mongla Port.

With this new partnership, India aims to strengthen its position in the global maritime environment while also ensuring the efficient management of its international port operations.

Reference: Live Mint

India Forms Consortium To Acquire & Develop Foreign Terminals For Strategic Gain appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News