Kolkata Port Trust Sagar Island Port Project

Overview:

• Union government-owned Kolkata Port Trust signed an agreement with the West Bengal government to set up a new port at Sagar Island through a joint venture between the two.
• It will be the first port to be built by the Union government in 14 years, and will be developed through a special purpose vehicle set up under the Companies Act, under which Kolkata Port Trust will hold 74% equity and West Bengal government will acquire a 26% stake in it. 
• The first phase of the project is expected to start commercial operation by 2019. 
• This is one of the biggest greenfield port projects in India as the Ministry of Shipping aims to cater to the increasing need and demand for cargo handling facilities especially in the east and northeast part of India. 

Wai Yee Tsang - Journalist Asia-Pacific