The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the exemption of the India Ports Global Ltd (IPGL) from the DPE Guidelines, except reservation and vigilance policies.
IPGL was incorporated under Companies Act 2013, as a Special Purpose Vehicle jointly promoted by Jawaharlal Nehru Port Trust (JNPT) and Deendayal Port Trust (DPT), [earlier Kandla Port Trust (KPT)], under Administrative control of Ministry of Shipping, for development and management of Shahid Behesthi Port of Chabahar in Iran.
Subsequent to the withdrawal of the USA from the Joint Comprehensive Plan of Action (JCPOA), Ministry of External Affairs advised Ministry of Shipping on 29th October 2018 to exclude JNPT and DPT from possible impact of US sanctions.
Based on this and with the approval of Empowered Committee all the shares of JNPT & DPT were purchased by “Sagarmala Development Company Ltd” (SDCL) on 17th December, 2018. SDCL is a CPSE and therefore IPGL being subsidiary of SDCL has also become a CPSE. As a result, Guidelines of DPE are technically applicable on IPGL.
Since Chabahar Port is Country’s first overseas port project with strategic objectives, there is an urgent need to allow IPGL to continue to function as a Board managed company, duly following the instructions of Ministry of Shipping & Ministry of External Affairs, without making the guidelines of DPE applicable to it for a period of 5 years. Accordingly, Ministry of Shipping has requested exemptions to IPGL from the applicability of the DPE guidelines, for smooth execution of the project.
Comments are closed.