New Delhi, Sunday, February 12, 2012: Union Ministry of Environment and Forests on Sunday directed the State Government to give details about Ponnani port project.

The State Government has signed a concession agreement with the Chennai-Based Malabar Ports Private Ltd. for the development of the port on build-operate-transfer (BOT) basis.

Malabar Ports won the contract through ‘Swiss Challenge’ method, which was also adopted for the first time in the State to identify the private investor in a PPP project.

The concession agreement is for 30 years and Malabar Ports will give a royalty of 2.75 per cent to the State Government during the first 15 years and 4.5 per cent during the remaining 15 years.

The project, which has yet to get the environment clearance from the Union Government, is envisaged to be completed within fours years after the commencement of work.

(with news agency inputs)