Eyeing more private investments in its shipbuilding parks programme, the Maharashtra Maritime Board is mulling amendments to its ports policy of 2016 to increase the lease period to 35 years from the present 10 years.
The board is likely to approve the amendment in December, Maharashta Maritime Board (MMB) nautical advisor Captain Harish Khatri said at an event here Wednesday.
Under the current Maharashtra Maritime Development Policy, 2016, plots are allotted on a 10 year lease through auctions to develop shipbuilding parks, and it may be extended by another 10 years if required.
"We have realised that the private players were reluctant to invest as the lease period was too short. Their concern was they would not be able to make enough profits. So we thought of increasing the lease period to 35 years," he said.
Khatri further said the board has already identified certain locations for the shipbuilding parks in the state's coastline of around 720 km.
Under the policy, the MMB will acquire the land and develop common infrastructure facilities for the shipbuilding park to develop shipyards as well as ancillary industries.
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