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• Welcoming the Budget proposal that made import of dredging machinery duty-free, the country's largest container port JNPT today said the provision will help it save about Rs 100 crore on the upcoming dredging project. "We are going to save at least Rs 100 crore on dredging project because we fought this issue of bringing us at par with NHAI for import of machinery for dredging," chairman of JNPT L Radhakrishnan told PTI on the sidelines of an industry event organised by Ficci here. Radhakrishnan said the Jawaharlal Nehru Port Trust (JNPT), located across the channel from the city's shoreline, had persistantly sought to give it an equal status as the National Highway Authority when it comes to duty on import of equipment used for works. He, however, added that the port, which is soon to award a contract for the Rs 1,600 crore dredging project, is yet to get the formal orders. The project aims at increasing the depth of the 35 km channel up to the port to 14 metre against 10 metre which will allow movement of larger ships.

• JNPT handled as much as 56.5 percent of the country's total container traffic last year. Radhakrishnan also said the budgetary provision to double the quantum of tax-free infrastructure bonds will help it finance its ongoing works. The port will now make an application to raise money through the bond sale. Interestingly, JNPT had unsuccessfully attempted to raise money via tax-free bonds for the dredging contract earlier, only to be declined by the finance ministry. In the absence of the permission, it had made plans to draw money from its reserves for the project but Radhakrishnan today said the port will make a renewed effort to raise the money through bonds courtesy the budgetary provision. PTI AA BEN ABC

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