Ministry approves plan to restructure marina project at Mumbai port

The Ministry of Ports, Shipping and Waterways has approved a plan to restructure the development of a marina at Princess Dock in the Port of Mumbai, sources said.

The project, estimated to cost about Rs 575.19 crore, will be implemented on a public-private partnership (PPP) basis with a concession period of 45 years, a ministry official said.

An earlier plan to develop the marina fell through due to a lack of bidder interest, forcing the Port Authority to restructure the project.

The Mumbai Port Marina project aims to transform the city into a premier tourist destination and promote social and economic growth in the surrounding communities. The project will create employment opportunities for local citizens and work closely with community groups and local governments.

The success of this unique project in India is likely to increase the potential for marina development in other major ports such as Cochin Port, New Mangalore Port, Mormugao Port and Visakhapatnam Port to boost tourism, drive economic growth and social development in the surrounding areas, the ministry official said.

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