Union Minister highlights accelerating growth through BIMSTEC coordination
Inaugurating the second edition of the BIMSTEC Ports Conclave 2025 in Visakhapatnam on Monday, he emphasised accelerating growth through BIMSTEC cooperation, developing a maritime dashboard for project monitoring, promoting PPP models in port infrastructure, encouraging cruise tourism, and advancing coastal economic zones.
'Together, we sail towards a connected, resilient, and prosperous BIMSTEC maritime future,' he stressed.
Speaking on the occasion, Minister of State for Ports, Shipping and Waterways Shantanu Thakur underlined the importance of BIMSTEC in bridging south and Southeast Asia and opportunities it presents in realigning global supply chains.
Addressing the gathering, Visakhapatnam MP M Sribharat stated that under the leadership of Chief Minister N Chandrababu Naidu, port-led development will accelerate in the state. He mentioned that the state is currently developing four new ports and proposed to establish a port every 50-km along the coastline.
In his keynote address, secretary general, BIMSTEC Indra Mani Pandey presented the BIMSTEC Vision 2030, which provides a structured roadmap for cooperation. He informed that 267 projects under the BIMSTEC master plan for transport connectivity are underway. He proposed setting up a BIMSTEC Centre of Excellence in Maritime Transport in Visakhapatnam and discussed initiatives like real time cargo tracking and green port practices.
Secretary, MoPSW TK Ramachandran spoke on bridging infrastructure gaps, overcoming fragmented logistics, and improving the use of maritime routes. He highlighted the one nation-one port process for process standardisation, a BIMSTEC-wide maritime skill certification system and measures to boost coastal shipping and cruise tourism.
Later during the media briefing, Sarbananda Sonowal was all praise for Chief Minister N Chandrababu Naidu for his visionary support to the maritime sector, in the areas of ship building and state port development in particular.
Later, he lauded the potential of the Visakhapatnam Port and appreciated the efforts of chairperson, VPA M Angamuthu for positioning the port as a top performer among major ports in the country.
Speaking on the occasion, Angamuthu highlighted Visakhapatnam's strategic maritime significance and called for collaboration in port-led industrialisation, digital integration and maritime skill development.
The Union Minister laid foundation stone for various ensuing projects, including construction of B-ramp in port area for Rs 33.49 crore, construction of finger jetty and Wharf in fishing harbour Rs 32.61 crore, development of public promenade near cruise terminal for Rs 15.90 crore.
Later, Sarbananda Sonowal inaugurated a host of projects such as commissioning of new oil refinery berth-2 to the tune of Rs 42 crore, firefighting facilities at OSTT berth for Rs 27 crore, covered storage shed at Rs 22.50 crore, vessel traffic management system for Rs 15.83 crore, etc., The conclave witnessed participation of representatives from seven BIMSTEC nations, including Bangladesh, Bhutan, Nepal, Myanmar, Sri Lanka, Thailand and the host nation India.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
28 minutes ago
- The Hindu
Raise important issues in Parliament, mobilise maximum funds from Centre, Naidu tells TDP MPs
Chief Minister and TDP national president N. Chandrababu Naidu on Friday directed the TDP MPs to raise important issues like the Minimum Support Price (MSP) for various crops, utilisation of the Godavari and Krishna river waters and the support required by Andhra Pradesh (A.P.) for industrial development in the upcoming session of Parliament. Addressing the Telugu Desam Parliamentary Party (TDPP) meeting in the run-up to the monsoon session of Parliament beginning on July 21, Mr. Naidu said the MPs should make the best use of the time allotted to them by highlighting the issues related to the State and strive to mobilise the maximum possible amount of funds from the Centre for implementing various schemes and projects. He also wanted the MPs to duly apprise the Parliament of the steps taken by the A.P. Government for the development of the State. The MPs should take the Central support required by the State to the notice of the nation through the Parliament. The CM said, department-wise responsibilities were assigned to the MPs and called upon them to keep in regular touch with the Union Ministers concerned to resolve matters pertaining to the State, and to focus on garnering additional funds under schemes like the Jal Jeevan Mission and Ayushman Bharat. Mr. Naidu told the MPs to be updated and fully acquainted with the issues dealt by them in order to make forceful arguments on contentious matters, like he articulated the State's position on certain issues in the recent meeting with the Union Minister for Jal Shakti, C.R. Patil and Telangana CM A. Revanth Reddy. He instructed the MPs to speak about the good work being done by Prime Minister Narendra Modi, and to actively participate in discussions on topics like Operation Sindoor and the 50th anniversary of the Emergency, and counselled them not to interfere in unnecessary matters in their constituencies as such behaviour would tarnish their personal reputation as well as the party's. Union Ministers K. Rammohan Naidu and Pemmasani Chandra Sekhar, MP Lavu Sri Krishna Devarayalu and IT Minister and the party's national general secretary Nara Lokesh were among those present in the deliberations.
India.com
28 minutes ago
- India.com
Big relief to Anil Ambani in Rs 920000000 case, NCLAT stays insolvency proceedings against…, after full payment to…
Anil Ambani (File) Reliance Infrastructure Ltd announced on Friday that the appellate tribunal NCLAT has halted insolvency proceedings against the company after it repaid Rs 92.68 crore related to tariff obligations under an energy purchase agreement. What Was NCLT's Order Against Reliance Infra? Reliance Infrastructure in its latest regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) has stayed an NCLT order over an appeal filed by it. The Mumbai bench of the National Company Law Tribunal (NCLT) on May 30 this year directed initiation of the corporate insolvency resolution process and appointment of an interim resolution professional against Reliance Infrastructure. The NCLT order came after IDBI Trusteeship in April 2022 had filed a petition alleging a default of Rs 88.68 crore plus interest as of August 28, 2018. In a regulatory filing on June 2 this year, Reliance Infrastructure said the NCLT order has become infructuous 'upon full payment having already been made'. On June 4, NCLAT had suspended the NCLT order while hearing the company's appeal which said it has made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd (DSPPL). 'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company,' Reliance Infra had said in its June 2 statement. What Were Allegations Against Reliance Infra? IDBI Trusteeship in its petition had alleged payment defaults on 10 invoices raised between 2017 and 2018 by DSPPL for supplying solar energy to Reliance Infrastructure. The payments were sought by IDBI Trusteeship, the security trustee of DSPPL. (With Inputs From PTI)
Business Standard
28 minutes ago
- Business Standard
Trishakti Industries Limited Announces Capital Raising Initiative via Preferential Equity & Convertible Warrants
VMPL Kolkata (West Bengal) [India], July 18: Trishakti Industries Limited, India's leading crane rental and heavy lifting solutions provider, has successfully concluded a capital raising initiative, marking a pivotal moment in its ongoing growth trajectory and ambitious capex plans. Key Highlights: Preferential Allotment of Equity Shares and Warrants Strategic Capital Raise & Allotments: The Board of Directors has approved a preferential issue comprising: * 1,46,000 fully paid-up equity shares at an issue price of ₹158.10 per share. * 16,18,000 convertible warrants at ₹158.10 per warrant, each warrant convertible into one equity share within 18 months of allotment. * The aggregate fundraise will total up to ₹27.89 crore, combining fresh capital infusion and conversion of unsecured loans. * 10 lakh shares allotted to the promoter group, signifying their continued commitment and vote of confidence in Trishakti's long-term vision. * 6.18 lakh warrants allotted to public (non-promoter) investors, significantly broadening the shareholder base and market participation. Enhanced Shareholding Profile After the preferential issue, the total number of shares increased from 1,63,30,550 to 1,80,94,550. The Promoter and Promoter Group's shareholding rose from 1,12,85,591 to 1,22,85,591 shares, though their stake slightly decreased from 69.11% to 67.90%. Public shareholding increased from 50,44,959 to 58,08,959 shares, with their stake rising from 30.89% to 32.10%. Capex Plan: India's Infrastructure Backbone: * Trishakti is executing a robust ₹400 crore capex plan for FY25-FY27, strengthening its modern fleet of hydraulic, crawler, and truck-mounted cranes to support India's most demanding infrastructure projects. * Over Rs.50 crore has already been invested as of FY25, enabling Trishakti to achieve full fleet utilization and win prestigious contracts--including a landmark equipment supply order from Reliance Industries for a marquee renewable energy project. * Funds from this round will directly advance fleet expansion, technology upgrades, working capital, and project execution capabilities. High-Profile Investor Participation: The current capital raise attracted significant new backing from: * Gautam Badalia, CEO of Route Mobile, who joins as a shareholder, bringing deep strategic insight. * The company's first major Domestic Institutional Investor (DII), marking the entry of institutional capital and enhancing market credibility. Sector Outlook: Robust Growth in India's Infrastructure Ecosystem: * India's infrastructure sector is experiencing unprecedented momentum, backed by record government allocations of over ₹11 lakh crore for FY2025-26 alongside strong growth in private capex. * Large-scale expansion in transportation, energy, and urban development is fueling high demand for crane rentals and heavy lifting solutions. * The surge in mega projects and modernization initiatives is reshaping the national landscape, providing significant growth opportunities for companies like Trishakti Industries to scale and innovate their fleet-driven offerings. Management Commentary Mr. Dhruv Jhanwar, Chief Executive Officer, stated: "This capital raise represents a strategic milestone in Trishakti's journey. With a robust pipeline of orders and rising demand from blue-chip clients, we are scaling rapidly to meet the evolving needs of India's infrastructure sector. Importantly, this fundraise includes significant infusion from the promoter group--demonstrating our conviction--and participation from marquee industry and institutional investors. We are confident these resources will accelerate our fleet expansion, drive operational excellence, and strengthen our balance sheet for sustained, long-term growth." About Trishakti Industries Limited Trishakti Industries Limited, established in 1985, is one of India's premier infrastructure solutions providers, specializing in the hiring of heavy earth-moving equipment. With its diverse fleet of advanced machinery, the company supports large-scale projects across key sectors such as steel, cement, railways, construction, and more. Over nearly four decades, Trishakti Industries has built a robust reputation through successful partnerships with leading organizations, including Tata Steel, Larsen & Toubro, RVNL, ONGC, ITD Cementation, Jindal Group, Adani Group, KEC International, NCC Limited, and many others. By delivering reliable, timely, and efficient equipment solutions, the company has played a pivotal role in powering India's infrastructure development. Trishakti Industries is committed to operational excellence, safety, and client satisfaction, positioning itself as a trusted partner for some of the nation's most complex and high-profile projects. Continual investment in technology and innovation ensures that its clients benefit from access to cutting-edge and efficient machinery, making Trishakti Industries a leader in the field. Disclaimer This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances.
