India to Spend US$14 Bln to Modernise Port Infrastructure

NEW DELHI, Aug 4 (Bernama) -- India plans to spend about US$14 billion (US$1 = RM4.27) over the next two decades to modernise its port infrastructure and expand cargo-handling capacity. In a statement Friday, the Shipping Ministry said, the government has prepared masterplans to boost capacities at the top 12 ports and would implement 142 projects to raise annual capacities by 884 million tonnes. “The projects, to be implemented over 20 years under India's "Sagarmala" maritime transport scheme, will cost 914.34 billion rupees (US$14.3 billion),” it said. The ministry said India's ambitious port expansion plans sought to match future cargo growth of Asia's third largest economy. -- BERNAMA