The Centre has decided to form a company, Bhor Sagar Port (BSPL) to implement the proposed Rs 12,000 crore Sagar port project.
Kolkata Port Trust (KoPT) will represent the Centre holding a 74 per cent stake, the West Bengal government will hold 26 per cent in the project.
The initial investment will be Rs 300 crore, of which KoPT will provide Rs 220 crore. The state government will provide the balance amount.
McKinsey has prepared and submitted the techno-economic feasibility report on the port project.
The proposed port will have the potential to handle 64 million tonne of cargo a year comprising liquid and dry bulk commodities, and containers as well. The work on the project is expected to start soon.