NMDC Dredging & Marine, part of the Abu Dhabi government-backed NMDC Group P.J.S.C., is exploring an equity investment in Subarnarekha Port Pvt Ltd, as promoters led by Tata Steel Ltd look to finally kick-start construction of the long-delayed port project in Odisha.
“We are exploring the possibility of taking an equity stake in Subarnarekha Port… we are trying to pull it forward,” said Niels de Bruijn, CEO of NMDC Dredging & Marine, at the India Maritime Week in Mumbai.
The ₹12,000–13,000 crore deepwater port, located near the Subarnarekha River mouth in Balasore district, was awarded in 2008 but has seen repeated delays due to legal and environmental hurdles. The project’s environmental clearance, which lapsed in March 2024, is currently in the process of renewal.
Tata Steel, which acquired a 51% stake in 2017, plans to use the port to support its 10 MTPA Jamshedpur steel plant. The port is designed to handle coal, ore, cement clinker, fertilisers, and steel products.
Industry sources said NMDC Dredging & Marine is interested in funding and executing the EPC works, including civil construction, dredging, and reclamation, estimated at ₹4,000 crore. With a 34.6 km navigational channel and two major breakwaters, the project requires significant dredging and maintenance expenditure.
Tata Steel is reportedly exploring design modifications — including reducing channel depth from 18m to 14.5m — to lower overall costs. The potential participation of NMDC Dredging & Marine could provide the long-stalled port with the momentum needed to move ahead.
