ImIndia has signed a loan deal worth USD 76 million with Japan International Cooperation Agency (JICA) to upgrade the environment management plan at Alang-Sosiya ship recycling yards in Gujarat.
The total cost of the project will be USD 111 million, out of which USD 76 million will be provided as soft loan from JICA. Out of the remaining amount, USD 25 million as taxes and fees will be borne by Government of Gujarat and the balance USD 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.
Source: The Economic Times