Chennai (Tamil Nadu) [India], October 14 (ANI): The Chennai Port Trust, National Highway Authority of India and the Tamil Nadu government will develop a multimodal logistic park at Mappedu in Tiruvallur district, said the Chairman of Chennai Port Trust.

Addressing the reporters, Sunil Kumar Paliwal, Chairman, Chennai Port Trust, said, "A Memorandum of Understanding (MoU), in this regard, was signed on October 12, 2021, among Chennai Port Trust (CPT), the National Highway Authority of India (NHAI) and Government of Tamil Nadu to develop a state-of-the-art multimodal logistic park (MMLP) at Mappedu."

Also Read | Gestational Limit for Abortion in India Increased From 20 to 24 Weeks for Minors, Rape Survivors.

PM Gati Shakti' initiative launched by PM Narendra Modi on Wednesday will give a fresh boost to the connectivity infrastructure in the nation, said a press release from Chennai Port Trust.

"The MMLP project will be developed over 158 acres of land in Mappedu village of Tiruvallur district at an estimated cost of Rs 1,045 crore. It will have road and rail connectivity," Paliwal said.

Also Read | TCS To Encourage Employees To Return to Offices by 2021 End.

To develop the MMLP at Mappedu, a Special Purpose Vehicle (SPV) will be formed with all the three stakeholders viz. ChPT, NHAI and TIDCO.

"Chennai port will hand over the 121.74 acres of Portus Lure to the SPV. The state government will contribute Rs 50 crore to the SPV, Additional area of 36.23 acres adjacent to the 'Port Trust Land' will be acquired by NHAI. NHAI will also bear the cost of the road connectivity project," Paliwal said. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)