According to the Ministry of Road Transport and Highways (MoRTH), Reliance Industries Ltd (RIL) has been awarded the project to build India’s first multimodal logistics park (MMLP) in Chennai, Tamil Nadu. A crucial cog in the Centre’s logistics overhaul, the MMLP will be spread over 184 acres and cost Rs 1,424 crore. The project will get adequate connecting infrastructure support through a special purpose vehicle (SPV) formed between central and state agencies. RIL emerged as the winning bidder for the public-private-partnership (PPP) project, with its own investment pegged at Rs 783 crore. The Centre expects the first phase of the project to be completed in two years.
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About the project:
- The project would likely be monitored by the highest levels of the government, as it falls under the high-priority list of projects inaugurated by Prime Minister Narendra Modi under the Centre’s project monitoring system. Moreover, it is one of the several flagship projects announced under the Bharatmala Project of MoRTH, which envisions the building of 35 such MMLPs.
- The Centre plans to build 15 of these within the next two years. Under the National Logistics Policy (NLP) and PM-GatiShakti, it wants to bring down logistics costs to under 10 per cent of the GDP in a bid to make exports competitive and supply chains more efficient.
Important takeaways for all competitive exams:
- Reliance Industries Limited (RIL) Founded: 8 May 1973;
- Reliance Industries Limited (RIL) Founder: Dhirubhai Ambani;
- Reliance Industries Limited (RIL) Headquarters: Mumbai, Maharashtra;
- Reliance Industries Limited (RIL) CMD: Mukesh Ambani;
- Reliance Industries Limited (RIL) Director: Nita Ambani.