The formation of a special purpose vehicle (SPV) is one of the proposals that have come up for the development of Azhikkal port in Kannur.
The North Malabar Chamber of Commerce (NMCC) has taken the initiative to look into the possibility of floating of the SPV and a consortium for raising funds for the implementation of the long-delayed port development project.
A meeting of traders, industrialists and port department officials, organised by NMCC, also decided to hold an elaborate session of the various stake-holders to chart a road map for taking the project forward.
The development project had gained momentum a few months ago with Mundra Port and SEZ Ltd submitting a Rs 3,000-crore bid in response to a tender floated by the Ports Department.
It was at a time when the State Government was actively considering the establishment of a coal-based thermal plant at nearby Cheemeni.
But, the bidder withdrew from the scene when the Government later abandoned the thermal project proposal.
Public-private partnership mode
Subsequently, the department has asked Deloitte India Ltd to revise the project report before going in for another round of tendering process for identifying a partner to develop the port through public-private partnership (PPP) mode.
The new proposal by NMCC has come as an alternative option for the development of the port.
The chamber will explore the possibility of bringing in INKEL Ltd, a public-private enterprise formed by the Government, to be a part of the project.
INKEL Ltd, incidentally, has shown interest in the development of Beypore port in Kozhikode.
Apart from the development of port, there is also a proposal for setting up a ship-repairing facility at Azhikkal.
A team from Cochin Shipyard had visited the site the other day to study the feasibility of the proposal.