India has plans to create a greater footprint of overseas ports, mirroring what neighbour China has accomplished over the past three decades.
According to local business publication Mint, three state-run companies are forming a consortium to buy port concessions around the globe.
The consortium consists of India Ports Global Ltd (IPGL), Sagarmala Development Co Ltd (SDCL), and Indian Port Rail and Ropeway Corp Ltd (IPRCL).
IPGL will be responsible for day-to-day operations, IPRCL will build the infrastructure and SDCL will raise finances, the report stated quoting shipping secretary TK Ramachandran saying: “The focus will be on potential development opportunities along the proposed 7,200 km-long International North-South Transport Corridor (INSTC), a multi-modal network of roads, railways, and sea routes that connects India to Russia, Iran, Central Asia, and Europe. Also, the India-Middle East-Europe Economic Corridor (IMEC) and the Eastern Maritime Corridor would provide opportunities to India to develop infrastructure that further facilitates cargo movement along global trade routes.”
The Indian state has won a number of port deals with neighbouring countries this year.
Following successful agreements for Chabahar in Iran and Sittwe in Myanmar, state-backed India Ports Global Ltd (IPGL) won a tender in May to run a terminal at Mongla port in Bangladesh.