Revised model concession agreement for major ports
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.