Government to form SPV for Multimodal Logistics Park at VOC Port

Union Minister for Ports, Shipping and Waterways Sarbanand Sonowal has announced forming of a Special Purpose vehicle (SPV) for development of a Multimodal Logistics Park (MMLP) at VOC Port in Chennai. The MMLP to be developed through Public Private Partnership with the SPV providing land and connectivity and the actual MMLP infrastructure to be developed by a private developer. He said, all the three stake holders viz, Chennai Port Authority, TIDCO and NHAI will be equity partners in the proposed SVP. The Minister informed that equity contribution/investment of the Chennai Port is the cost of the land amounting to Rs 167 crore, NHAI/NHIDCL contribution is Rs l30 crore and that of State govt. through TIDCO is Rs 50 crore.
Speaking at the virtual MoU signing in, Sonowal said, V.O. Chidambaranar Port, the economic engine of South Tamilnadu, has proposed for setting up of Multimodal Logistics Park due to its advantages such as excellent Rail-road connectivity, proximity to Main Sea Route, all weather operational conditions, and geographic position to link Eastern coast with the Western coast. The Multimodal Logistics Park would facilitate infrastructure for enabling seamless multimodal freight transfer, and specialized storage solutions, such as cold storage, warehouses equipped with mechanized material handling and intermodal transfer terminals for containers, bulk and break-bulk cargo. Further, the MMLP would be offering value-added services such as Customs clearance, bonded storage yards, quarantine zones, testing facilities, warehousing management services, post-manufacturing activities such as kitting and final assembly, grading, sorting, labelling, packaging etc.