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NECL receives MoU clause waiver for Astaranga port

December 11, 2009 1 comment

The Orissa Government has relaxed a clause in its MoU with the Hyderabad based Navayuga Engineering Company (NECL), enabling NECL to sign concession agreement with it for developing an all weather port at Astaranga in Puri district.

The clause stated that the developer has to obtain all the statutory clearances before signing the concession agreement. However, NECL had pleaded before the state government that it should be allowed to sign the concession agreement without obtaining all the statutory clearances, so as to expedite work on the project.

The company proposes to invest Rs 1,500 crore for the port project in the Phase I, Rs 2,000 crore in Phase II and Rs 2,500 crore in Phase III.

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