GMB to execute Alang-Sosia upgrade project

The Indian Government has signed a loan deal worth US$76 million with Japan International Cooperation Agency (JICA) on 15 September 2017, for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards.

The total cost of the project will be US$111 million, out of which US$76 million will be provided as soft loan from JICA. Out of the remaining amount, US$25 million as taxes and fees will be borne by Government of Gujarat and the balance US$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.

The project will help the Alang-Sosia ship-recycling yards to comply with international safety and 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.

The project will also help in safeguarding the marine and coastal environment. The use of advanced decontamination technology will rule out the possibility of fire accidents in oil and chemical tankers, thereby ensuring workers safety. fii-news.com