Re­vised model con­ces­sion agree­ment for ma­jor ports

Maritime Gateway - - News -

The union cabi­net chaired by Prime Min­is­ter Naren­dra Modi has ap­proved amend­ments in the Model Con­ces­sion Agree­ment to make the port projects more in­vestor-friendly and make in­vest­ment cli­mate in the port sec­tor more at­trac­tive. The amend­ments in the agree­ment en­vis­age con­sti­tu­tion of the So­ci­ety for Af­ford­able Re­dres­sal of Dis­putes - Ports (SARODPORTS) as dis­pute res­o­lu­tion mech­a­nism sim­i­lar to pro­vi­sion avail­able in high­way sec­tor.

The agree­ment pro­vides exit route to devel­op­ers by way of di­vest­ing their eq­uity up to 100 per cent af­ter com­ple­tion of 2 years from the com­mer­cial op­er­a­tion date. This is now sim­i­lar to the MCA pro­vi­sions of high­way sec­tor.

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