KOCHI: Prime Minister Manmonhan Singh will dedicate to the nation the Rs 3200 crore International Container Transhipment Terminal (ICTT) at nearby Vallarpadam, on Feb 11.
The Dubai Port, the terminal's operator, has already completed construction of a modern terminal and has equipped it with state-of-the-art cargo handling equipment, Cochin Port Trust chairman, N Ramachandrn, told reporters here.
As per the agreement between the CPT and Dubai Ports World (DPW), the construction of the terminal, its equipment and operations will be the responsibility of DPW and providing the road and rail connectivity to the project site and deepening of the shipping channels will be the responsibility of the port.
The DP World has invested close to Rs 1600 crore for the project and the Union government, through the CPT, has also invested Rs 1600 crore for the road and rail connectivity of the project taken up through the PPP mode.
The DPW will operate the terminal for a 30-year period after which the assets will come back to Kochi port as per the agreement between the two, the chairman said.
As per the agreement, one third of the gross revenue goes to the CPT while the rest would for DPW.
On the strike by a section of the workers, he said it was 'unfortunate' that some workers are on strike at a time when the port is inaugurating its major expansion project.
He said about 70 workers may lose their job once the port activities are shifted to Vallarpadam. The Kochi port will take all efforts to rehabilitate them, he said adding enough job opportunities would be created at Wellington island for storage, loading and unloading and repair of containers.
Dubai Port world's Senior Vice President, (India subcontinent) who was present, said 350 metres quay line out of the 600 metres was ready now and the remaining would be ready by march 31 when the depth of the draught will touch 14.5 metres.