The Global Maritime India Summit (GMIS) recently concluded with expectations of bringing in investments worth around ₹8,347 crore to the Mangaluru region. The New Mangalore Port Authority (NMPA) exchanged seven memorandums of understanding with various stakeholders, with a focus on port-led industrialization. The majority of the investment proposals are centered around port infrastructure and business development, with Mangalore Refinery and Petrochemicals Ltd (MRPL) leading the way with a proposed ₹5,000 crore investment in port infrastructure and ₹1,500 crore in its own desalination plant.
Other significant investment proposals include Hindustan Petroleum Corporation Ltd (₹800 crore), Indian Oil Corporation Ltd (₹500 crore), Sealord Containers Ltd (₹500 crore), and PHPC Associates (₹47 crore). Ananthesh V Prabhu, President of Kanara Chamber of Commerce and Industry, expressed optimism about the investments enhancing the region’s trade and commerce. He emphasized the need for industrial land near the port to support the industrial activities generated by the investments and called for improved connectivity between the port and the hinterland to effectively reap the benefits of the investment.
AV Ramana, Chairman of the port authority, expressed the commitment of NMPA to extending its contribution to the maritime sector and stated that the MoUs were a step in the right direction.
More Stories
Oil Spill Forces Beach Closures on Sentosa Island, Singapore
Greece to Impose Restrictions on Cruise Ships to Combat Overtourism
Ukrainian-owned bulker abandoned and drifting in Gulf of Aden