The Kamarajar Port Ltd (KPL) has decided to set up a Free Trade and Warehousing Zone (FTWZ) on 100 acres, adjacent to its premises.
KPL recently acquired 650 acres from the Salt department to take care of its future needs. As a first step, 100 acres had been set apart for this purpose that would entail an approximate investment of Rs.200 crore.
Talking to The Hindu , a KPL official said till recently they were toying with the idea of setting up Special Economic Zone. But latter decided to host FTWZ considering the innumerable advantages it provided to the trade such as warehousing facilities for different products/categories, shared warehousing of international standards, reduction in custom clearance time and better logistics facilities, among others.
“We will be the first port on the eastern coast to set up FTWZ. As a part of the exercise, we will select a consultant through a Notice Inviting Tender. He will be given six months time to carry out and submit a feasibility study,” he said.
The consultant is expected to provide details regarding the required infrastructure facilities, advice on legal requirements, and get various clearances from the State and Central governments.
After the submission of the feasibility study, competitive bids would be floated to select unit holders.
There could be any number of unit holders. However, they would be allowed to carry out EXIM activities only through Kamarajar Port, he said.
FTWZ is a sanitized zone designated as foreign territory for carrying on business. It would be a key link in logistics and global supply chains, servicing both India and the globe, he said.
