JAMMU: The first-ever Dry Port in Jammu and Kashmir will come up at the border town of Samba for which the State Government and Dubai Ports Group today inked a pact for a joint venture involving maiden Rs 1,500 crore Foreign Direct Investment (FDI) for setting up inland logistic hubs in Jammu and Srinagar capital cities.
Official sources told the Excelsior that 100 acres land near Samba Railway Station was today identified for setting up the Dry Port, which would be set up in total 500 acres land. Rest of 400 acres land would be provided in due course of time.
Finance Minister Dr Haseeb Drabu, who had mooted the idea of setting up Dry Port in the State, told the Excelsior that another team from Dubai would visit Samba on Monday for site inspection and work on the project would start in April.
“The work is likely to be completed between 18 to 24 months,” he said, adding the project would cost Rs 1500 crore.
On Samba being close to the International Border, sources said, all aspects have been taken into consideration before finalizing the land for first Dry Port in Jammu and Kashmir.
They disclosed that Jammu and Kashmir Government will provide land as equity on 90 years lease to the company.
“The MoU was finalised for Joint Venture involving maiden Rs 1,500 crore Foreign Direct Investment. The Memorandum of Understanding (MoU) for setting up inland logistic hubs in Jammu and Srinagar, as a Joint Venture between Dubai Ports and the Jammu and Kashmir Government, was finalised at the delegation level talks between Sultan Ahmed Bin Sulayem-led DP World team and Dr Haseeb Drabu-led State Government team,” sources said.
A high-level delegation of the Dubai Ports Group (DP World) led by its Chairman and CEO Sultan Ahmed Bin Sulayem arrived by a chartered flight here to discuss the modalities for setting up inland logistics hubs in Jammu and Srinagar.
Sultan Ahmed Bin Sulayem and his team held separate meetings with Finance Minister Haseeb Drabu and Industries Minister Chander Prakash Ganga, followed by delegation level parleys with the concerned Ministers and officials.
To begin with, 100 acres of land would be offered by the State Government near Railway Station Samba as equity in the joint venture for setting up the logistics hub in Jammu region and around 100 acres of land would be earmarked near Ompora, Budgam for a similar facility in Kashmir.
The logistics hubs to be established in Jammu and Kashmir with maiden Foreign Direct Investment of around Rs 1,500 crore by Dubai Ports would include two dry ports, warehouses, cold storage chain, controlled atmospheric stores and supply chain to transport commodities and products including horticulture and agriculture produce, handicrafts and industrial products from the State directly to the markets throughout the world.