TNI Bureau:  The Union Cabinet on Wednesday approved a project of Rs 3004.63 crore for the development of Paradip Port in Odisha.

The Cabinet Committee under the leadership of Prime Minister Narendra Modi approved development of Western Dock Project including Deepening and Optimisation of Inner Harbour facilities to handle Cape size vessels at Paradip Port.

The estimated cost of the project is Rs.3,004.63 Crore. This includes development of the new Western Dock on BOT basis and capital dredging by the selected Concessionaire at a cost of Rs.2,040 Crore and Rs.352.13 Crore respectively; and Paradip Port’s investment will be to the tune of Rs.612.50 Crore towards providing Common Supporting Project Infrastructure.