IPRCL to ink MoUs for projects worth Rs 12,000 crore during Maritime India Summit 2021

IPRCL, a joint venture of 11 major ports, will ink MoUs for projects worth Rs 12,097 crore during the upcoming Maritime India Summit 2021, Ministry of Ports, Shipping and Waterways (MoPSW) said on Saturday.

Prime Minister Narendra Modi is scheduled to inaugurate Maritime India Summit 2021 (MIS 2021) on March 2, which will be held virtually and is likely to be participated by 24 nations.

"Indian Port Rail & Ropeway Corporation Ltd (IPRCL)...will sign 27 MoUs of Rs 12,097 crore (as of today) at 2nd Maritime India Summit 2021 scheduled to happen on 2nd to 4th March 2021," MoPSW said.

The initial pacts will be signed between IPRCL and companies like CIL, CCL, Vedanta, NICDC, DFCCIL, Tata Steel, Essar Ports etc.

The MoUs will be signed in areas like rail infrastructure development, maintenance of tracks, logistics plan, training, awareness and preparation reports, development of ropeway and smart mobility, among others, the statement said.

The ministry has created a compendium of 400 investable projects with an investment potential of Rs 2.24 lakh crore.

With more than one lakh registrations, MIS 2021 is set to become India’s biggest Maritime conference, MoPSW had earlier said adding total 44 CEOs have confirmed participation, including 22 international and 22 national CEOs.

Also, 79 speakers have confirmed their participation where 43 are international speakers and 36 are from India.

International participants will be from the US, Russia, Denmark, Brazil, Japan, Sweden, Singapore and the Netherlands besides other countries.

These MoUs are focused on attracting investment, skilling and generating employment in the sector.

The signing of these agreements will also help in streamlining the process of ship maneuvering resulting in more business to the ports and economic stability to the sector and its stakeholders.