The recently concluded Global Maritime India Summit (GMIS) is expected to bring in investments worth around ₹8,347 crore to the Mangaluru region. The New Mangalore Port Authority (NMPA), the only major port in Karnataka, exchanged seven memorandums of understanding with various stakeholders.
A majority of the investment proposals are focused on port-led industrialisation, with Mangalore Refinery and Petrochemicals Ltd (MRPL) at the top of the heap.
MRPL has proposed ₹5,000 crore investment in port infrastructure for business development and ₹1,500 crore in its own desalination plant (augmentation of capacity).
NMPA also exchanged MoUs with Hindustan Petroleum Corporation Ltd (₹800 crore) and Indian Oil Corporation Ltd (₹500 crore) towards port-led industrialisation.
Sealord Containers Ltd’s MoU focuses on setting up an integrated LPG and bulk liquid POL (petroleum, oil and lubricants) storage facility in Mangaluru. This is expected to attract investments worth ₹500 crore.
NMPA’s MoU with PHPC Associates for installation of tank farms and/or storage infrastructure at New Mangalore Port is expected to attract around ₹47 crore investment.
Ananthesh V Prabhu, President of Kanara Chamber of Commerce and Industry, said that the investments will enhance the region’s trade and commerce. Welcoming MRPL’s proposal to augment capacity at the desalination plant, he said the chamber had earlier taken up the matter with the authorities concerned.
He stressed the need to make available industrial land in the vicinity of the port to support the industrial activities generated by the investments.
Calling for improved connectivity between the port and the hinterland, he said a significant chunk of cargo business was lost to other ports due to poor connectivity between Mangaluru and Bengaluru. This needs to be addressed to effectively reap the benefits of the investment, he said.
Stating that NMPA is committed to extending its contribution to the maritime sector, AV Ramana, Chairman of the port authority, said the MoUs were a step in the right direction.