India has signed a loan deal worth $76 million with Japan International Cooperation Agency (JICA). This is in accordance to upgrade the environment management plan at Alang-Sosiya ship recycling yards in Gujarat.
The total cost of the project will be $111 million, out of which $76 million will be provided as soft loan from JICA.
Out of the remaining amount, $25 million as taxes and fees will be borne by Government of Gujarat and the balance $10 million will be shared by Ministry of Shipping & Government of Gujarat.
The project will be executed by Gujarat Maritime Board (GMB) and is likely to be completed by 2022.
“This project will help the Alang-Sosia ship-recycling yards to comply with international safety & environmental regulations.
This will attract more business at the recycling facilities at Alang, thereby further consolidating India’s share in the global ship-recycling industry,” shipping ministry said in a statement.
With inputs from: The Economic Times