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The Rs 2427.40 crore
Sethusamudram Ship Canal Project off Tamil Nadu coast was on
Thursday cleared by the Union Cabinet.
Announcing the Cabinet Committee on Economic Affairs
decision, Finance Minister P Chidambaram said a Special
Purpose Vehicle would be set up for the project.
Elaborating on the project, Chidambaram said it was a dream
for over 100 years. With the cabinet nod, the government has
fulfilled the Common Minimum Programme and budget promises,
he said.
"It opens up a channel that will enable ships to India avoid
going around Sri Lanka," he said adding the channel would
bring benefits as was the case with Suez Canal and Panama
Canal.
Apart from giving a "decent return", Chidambaram said the
project has "tremendous externalities" in defence, security
and anti-smuggling.
The project is estimated to cost Rs 2,427.40 crore, which is
going to be funded by Centre, port trusts, Shipping
Corporation of India, Dredging Corporation and others, apart
from an initial public offer or private placement of Rs 226
crore.
The Dredging Corporation of India along with the port trusts
of Chennai, Ennore, Vizag and Paradip will contribute Rs 30
crore each.
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