Marg Ltd to build fishing harbour in Tamil Nadu

May 23rd, 2008 - 2:08 am ICT by admin  

Chennai, May 22 (IANS) Joining hands with Rajakkamangalam Thurai fishing folks near Kanyakumari, the city-based Marg Limited will build a fishing harbour with an outlay of Rs.450 million, said a top company official Thursday. The harbour will be built by a three-way joint venture company, in which Marg will hold 39 percent stake, Consolidated Constructions 10 percent and the balance would be with a trust with the 8,500-member fishing community as its member.

“The project cost will be funded through a mix of equity (10 percent), mezzanine funding/subordinated debt (15 percent) and debt (75 percent),” G.R.K. Reddy, managing director of Marg, told the media here Thursday.

As for the revenue stream for the joint venture company, he said the user charges will be 10 percent of the fish catch value.

“There will be an auction hall, cold storage facilities and a boat repair centre, and these services will be charged separately,” he added.

According to T.P. Anand, head of strategic planning, the harbour to be built on 40 acres land will have mooring facility for 400 boats and four metre draft.

“The Tamil Nadu government has leased the land for 30 years,” he added.

The harbour will be operational by October 2010.

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