Cochin Shipyard, Ennore Port to be disinvested: Shipping Min

NEW DELHI: The government plans to disinvest its stake in the Cochin Shipyard and Ennore Port Ltd, Parliament was informed recently.

“Yes Sir. However, no final decision has been taken about time frame and quantum of disinvestment,” Shipping Minister G K Vasan told the Rajya Sabha in a written reply.

He was replying to a question on the proposal to disinvestment government’s equity in the two companies.

Replying to a separate question, Vasan said that “there is a proposal for structural reorganisation of Major Port Trusts through corporatisation and it envisages converting them into a company under Companies Act, 1956.”

Vasan added that the government has already decided to corporatise Jawaharlal Nehru Port Trust , Mumbai. He, however, did not give any details about the decision.

In his response to an another question, the Shipping Minister said that 15 projects are under development at the three major ports of Tamil Nadu -- Chennai Port, Ennore Port Ltd Tuticorin Port , at an estimated cost of Rs 3,952.75 crore.

He added that the government has approved three more projects at these three ports with an envisaged investment of Rs 665 crore.

Talking about capacity expansion of 13 major ports, Vasan said an investment of Rs 55,80.73 crore has been envisaged for 276 projects at all major ports, including construction of berths, procurement of equipments, deepening of channels, rail and road connectivity etc.

He, however, did not give any time line about the completion of the projects at the these ports.