During the Maritime India Summit-2021, Goa’s chief minister, Pramod Sawant said that the prime minister has invited investments in Goa’s maritime clusters. He even made a strong pitch for the same by promising to offer time-bound approvals and a responsive administration to potential investors.
While port and marine infrastructure has always been the backbone of the state’s economy, this is not the first time that private players will be investing in it.
From companies like Vedanta, JSW and Adani Group, Goa’s port sector has seen significant investments from all corners in the past few years. In 2016, mining conglomerate, Vedanta signed an agreement for the redevelopment of Mormugao port, one of the major Indian ports, located in Goa.
The total estimated cost of the project was around Rs 1,145 crore. It involved rebuilding of berths 8, 9 and barge berths, on a Design, Build, Finance, Operate and Transfer Basis.
Adani Group has minor operations in Goa’s Mormugao Port. It oversees and undertakes loading and unloading of coal at berth no.7 of the port. In stark contrast to its humongous participation in the major ports across other states, Adani Group’s Goa project is of a very small scale.
Additionally, JSW Group-owned South West Port Ltd has been running two multi-purpose berths at Mormugao Port since 2004. As of 2018, the port is said to have been earning over half of its revenues from the company.
The operations of the two multi-purpose berths have been instrumental in shipping raw materials for JSW’s steel plant in Karnataka.
Apart from being a tourist hotspot, other sectors of Goa such as ports, also pose significant investment opportunities and these players have been quick in identifying them. Against this backdrop, the state government too has been unlocking new policies, which is quite commendable.