Though the company will be investing completely in this new fishing harbour, a local fishing community's trust will be given a 51 per cent stake in the project. Company executives said that the idea is to initiate this project as an economic as well as a CSR activity.
An estimated 8000 fishermen will directly benefit from this project when it gets commissioned in October 2010.
The project will have a debt component of 90 per cent.
Some the key components in this port would be mooring facilities for some 300 boats, waterfront facilities for safe landing, boat building and repair yard, ice plant and cold storage facility for preservation of marines catches.
The location is known for good tuna catch. Company executives said that with motorized boats put to use, fishermen can expect their incomes to go up by as much as 10 times.
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The project is expected to break-even within three years of commissioning.