PANAJI: Mormugao Port Authority’s attempt to unlock new revenue streams through the sale of prime land and institutions has run aground, with the port authorities finding no takers.
Plans to lease out 50,000 sqm of prime land for warehousing and for a hotel in the port town, as well as a proposal to outsource the Deepvihar Primary School, the 100-bedded hospital, and the old administrative building for 30 years, failed. However, the port officials have made it a priority to monetise some of these assets in the coming year.
“We have monetised land to some extent, but if you ask if we were able to monetise large land parcels, not yet,” said MPA chairman N Vinodkumar.
Efforts to auction two land parcels where bulk liquid cargo can be stored also did not pay off, and the port is now evaluating the reasons why the private sector is hesitant. “Our scale of rates, if that is a reason, we are having a re-look at the scheduled rates of the port, whether it is at market rates to attract more people,” he said.
Port officials also suspect that the request for proposals issued by the port does not get a lot of attention and traction. “We are looking at both these concerns, and that is one of the top priorities of this year, which we have identified as monetisation of land,” the chairman said.
If successful, the MPA hopes to gain an additional revenue stream and test the demand for a wider variety of cargo movement. The MPA witnessed a gradual decline in revenue ever since iron ore mining was shut down in the state. The port has been grappling with low cargo volumes, loss of market share, and paucity of funds for crucial infrastructure upgradation. Struggling to make ends meet, the port is desperately trying to create new revenue sources to remain profitable.
