The Cochin Port Trust signed three Memoranda of Understanding (MoUs) with stakeholders for developing a Free Trade Warehousing Zone (FTWZ), a Cryogenic Warehouse and an Aviation Fuel Terminal as a part of ‘Maritime India Summit 2021’.
According to a statement issued by the Cochin Port Trust, to develop the FTWZ proposed at Vallarpadam, the MoU has been signed with M/s IGTPL, the operator of ICTT, Vallarpadam.
“For the proposed Cryogenic warehouse at Puthuvypeen, the MoU has been signed with DP World,” the statement read.
The estimated cost for developing FTWZ is Rs 85 crores. It will facilitate storing, handling and rendering value added services to both dry and cold storage of cargo and will help to generate jobs to at least 50 persons.
The cryogenic warehouse will provide cold storage facility for items like marine products, meat, vegetables, fruits and pharmaceutical products and help to generate employment to at least 65 persons. Land for developing Cryogenic Warehouse will be awarded through tender.
Indian Oil Corporation Ltd’s proposed Aviation Fuel Terminal in Willingdon Island, costing about Rs 200 crores.
The project is expected to generate employment for at least 60 persons.