In a bid to boost port construction in the country, the Union government is sweetening the terms, including a change in the revenue model and the creation of a dispute-resolution mechanism.
On Wednesday, the Union cabinet approved a new model concession agreement (MCA) for private public partnership (PPP) port projects. This will, among other things, permit easier exits for promoters.
The cabinet has also appointed a committee under the chairmanship of finance minister Arun Jaitley to examine whether the new MCA can be applied to the 12 stalled port projects with an estimated project cost of Rs20,000 crore. Other members of the committee are law minister Ravi Shankar Prasad, shipping minister Nitin Gadkari and a NITI Aayog representative. Read More…
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