Chennai Port Authority Inks MoUs Worth ₹74,000 Crores at Global Maritime India Summit 2023

Chennai Port Authority (ChPA) is set to embark on a significant investment drive by signing 13 Memorandums of Understanding (MoUs) during the Global Maritime India Summit 2023 (GMIS 2023), with a combined value of approximately ₹74,000 crore. This strategic move aims to bolster economic development in the port's hinterland, according to an official release from ChPA.

In a recent development, ChPA has already inked MoUs with seven prominent companies, collectively valued at around ₹9,000 crore. The entities that have entered into agreements with ChPA include the Defence Research Development Organisation, Indian Oil Corporation Ltd, Gulf Oil Lubricants India Ltd, POSCO India Chennai Steel, Coromandel International Ltd, Elite Shipping Agencies India, and IPRCL, as detailed in the release.

As GMIS 2023's third edition approaches, scheduled to take place in Mumbai from October 17 to 19, ChPA is gearing up to finalize six more significant MoUs. These forthcoming agreements will involve CPCL, Hyundai Motors India Ltd, KTV Health Food Pvt Ltd, MSC Agencies India Pvt Ltd, Saint Gobain Pvt Ltd, and L&T, collectively representing an estimated value of ₹65,000 crore, as per the release.

A special session focusing on Tamil Nadu is also on the agenda for October 17, jointly organized by the State government and the Chennai Port Authority. This initiative underscores the region's commitment to fostering economic growth and development through strategic collaborations and investments.

HBL