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MoU on warehousing NMPA threads new path
MoU on warehousing NMPA threads new path
The New Mangalore Port Authority (NMPA) embarked on an exciting venture by signing a memorandum of Understanding (MOU) with the Central Warehousing Corporation (CWC) and the Sagarmala Development Company Limited (SDCL) to establish a cutting-edge CFS cum Warehousing Facility at NMPA.
The New Mangalore Port Authority (NMPA) embarked on an exciting venture by signing a memorandum of Understanding (MOU) with the Central Warehousing Corporation (CWC) and the Sagarmala Development Company Limited (SDCL) to establish a cutting-edge CFS cum Warehousing Facility at NMPA. Today, amidst great anticipation, the MOU was jointly signed by Dr. Venkata Ramana Akkaraju, the Chairperson of NMPA, Amit Kumar Singh, the Managing Director of CWC, and Dilip Kumar Gupta, the Managing Director and Director of SDCL, within the premises of NMPA.
This ambitious project will unfold over a sprawling 16.6-acre expanse of prime Port land, with an estimated project cost of Rs125.42 Crores. NMPA's invaluable contribution will encompass the cost of the land, valuing approximately Rs44.25 Crores, while the remaining project cost will be shared equally between SDCL and CWC. The anticipated timeline for completion of this remarkable endeavor is set for June 2025.
The inception of this project aims to significantly bolster NMPA's capabilities in serving the burgeoning EXIM container traffic within its hinterland. The dedicated container terminal, established through a Public-Private Partnership (PPP) model, has experienced remarkable growth of 8.5% in a single year since its establishment, primarily catering to FCL cargo. However, the CFS cum Warehousing Facility will unlock new avenues by facilitating the aggregation of LCL cargo, thereby further augmenting the growth of FCL containers.
Moreover, this proposed facility will prove instrumental in empowering small exporters and agricultural product exporters, including the esteemed coffee industry, by providing essential temperature-controlled storage for aggregation and state-of-the-art handling facilities for containerized cargo stuffing. By streamlining operations and reducing container dwell time for both import and export containers, the envisioned CFS will play a vital role in helping the port achieve another significant milestone under the transformative Maritime India Vision 2030.
The NMPA, in collaboration with CWC and SDCL, envisions a future where this state-of-the-art CFS cum Warehousing Facility becomes a beacon of efficiency and a catalyst for growth, serving as a hub of seamless connectivity for sea-bound trade. With its completion, the project promises to revolutionize the maritime landscape, propelling NMPA to greater heights and ensuring a prosperous future for all stakeholders involved in international trade.
