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Kolkata Port limits extension may hit financial closure of minor ports
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Monday, 30 May 2011
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BS reported that after the Orissa government and Dhamara Port Company Limited which had gone out on the offensive against Kolkata Port Trust for unilateral extension of the port limits, now the developers of upcoming minor ports at Chudamani and Subarnarekha have opposed the move.

These minor port developers have pointed out they may not be able to achieve financial closure as banks have raised doubts about their future operation given the recent development relating to extension of KoPT limits.

A top official source said that "We had a meeting with the developers of Dhamara, Chudamani and Subarnarekha ports. While the Dhamara port which has already become almost operational does not see immediate threat from KoPT's unilateral move, the developers of Chudamani and Subarnarekha feel they may not be able to achieve financial closure with banks raising doubts over the future of such ports in the light of extension of Kolkata port limits. Both these port developers have demanded withdrawal of the KoPT notification."

He added that "At the meeting, a consensus was reached that the arbitrary extension of KoPT's limits will seriously jeopardize the operations of minor ports coming up along Orissa's coastline. We will strongly raise this issue and demand immediate withdrawal of the notification extending KoPT's limits at the meeting of the Union ministry of shipping to be held on June 2nd 2011."

(Sourced from Business Standard)

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