The government of the Indian state of Odish has firmed up plans to set up a shipbreaking and recycling hub at Paradip port entailing an investment of around $465 million, government sources said on Friday, January 17.
The Paradip Port Authority (PPA) will take the lead in creating the shipbreaking cum recycling hub and is likely to explore the options of a public-private partnership (PPP) model to rope in private investment, the sources said.
The project is part of the Odisha government’s plans to boost maritime logistics, having already announced plans to construct two greenfield sea ports at Inchuri and Bahuda to add capacity, in addition to the three existing ports of Paradip, Gopalpur and Dhamra.