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Karnataka CM seeks investors’ participation in building port infra in the State

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Karnataka government to conduct a Global Investors’ Meet on November 2-4.

The Karnataka Chief Minister, Basavaraja Bommai, has sought the participation of investors in building infrastructure in Karnataka’s port sector.

Speaking at the Karnataka Coastline Business and Maritime Conclave, organised by FICCI in Mangaluru on Thursday, he said there are opportunities to build small, medium and large ports along the coastline of Karantaka.

Karnataka is also part of the Sagarmala project envisaged by the Centre The Karnataka government is expecting more than ₹8,000 crore of investments under the Sagarmala project, he said.

Currently, Old Mangaluru Port and Karwar Port are operating on a commercial basis. The government wants to develop a lot of fisheries ports, small ports with better connectivity to the hinterland.

Requesting the investors to consider their participation in increasing the handling capacities in the existing ports also, Bommai said: “We are looking for new and robust technology to increase the capacity of ports.”

Global investors’ meet

Speaking on the occasion, Murugesh Nirani, Karnataka Minister for Large Industries, said the government would conduct a Global Investors’ Meet on November 2-4. The Prime Minister, Narendra Modi, has given in-principle approval to attend the event, he said.

He said the BJP government had conducted successful global investors’ meets in 2010 and 2012. These meets had attracted investments to the tune of ₹10.8 lakh crore. The conversion rate of these was more than 27 per cent, he said.

The Minister also said that an investor has come forward to set up a fertiliser plant in Mangaluru. He said the investment in this project could be around ₹7,500 crore.

Ullas Kamath, Chairman of FICCI Karnataka State Council, welcomed the gathering.

Published on May 12, 2022

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