The Hindu Business Line : Fuel cess funds for NHAI project approved

New Delhi April 12 The Cabinet Committee on Economic Affairs today approved a proposal to use the fuel cess funds to undertake the Rs 557-crore project to provide four-lane National Highways connectivity to the proposed International Container Transshipment Terminal (ICTT) at Vallarpadam, Cochin, Kerala.

This project has been undertaken as per commitment given to the licensee of ICTT. Being the first container trans-shipment terminal in the country, considerable savings in trans-shipment cost currently incurred via third country ports (Colombo) are expected, said the Minister for Information and Broadcasting, Mr Priya Ranjan Dasmunshi, while briefing the media.

The project will be implemented by NHAI and is to be completed within 30 months. It will commence from April 2007. In January 2005, Cabinet approved the proposal for development and operation of ICTT in Kochi on build operate and transfer (BOT basis).

Accordingly, the Cochin Port Trust signed a licence agreement on January 31, 2005 with India Gateway Pvt Ltd, a subsidiary of Dubai Port International, UAE. As per the agreement, provision of four-lane NH connectivity is a precedent condition.

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Fuel cess funds for NHAI project approved