(Published in Part – III Section 4 of the Gazette of India, Extraordinary)

Tariff Authority for Major Ports

Corrigendum

No. TAMP/33/99-COPT  -             The Tariff Authority for Major Ports had passed an order on 29 October 99 in case No.TAMP/33/99-COPT, relating to fixation of the lease rent of land at Puthuvypu in the Cochin Port area.  This order was notified in the Gazette of India Extraordinary (Part III Section 4) on 25 November 99 vide Gazette No.99.

2.                      Some errors have been identified in paragraphs 2(v), 4(vi) and 5(i) of the order.  Paragraphs 2(v), 4(vi) and 5(i) of the notified order are, therefore, deleted and substituted by the following:

2(v).     “The Board of Trustees of the Cochin Port Trust (COPT), however, decided to fix the base price of land at Rs.25,000/- per Cent for the reason that high cost of lease rent would affect the financial viability of the project adversely.  The lease rent on the base price of land at Rs.25,000/- per Cent has been approved by the Board subject to the following conditions:

            (a) To provide for a uniform 5% annual increase in rent with an option to re-fix the base rate after every five years till the land connection to Vypeen is ready.

            (b) To revise the lease rent when construction of the link bridge from Ernakulam to Vypeen is completed.”

4(vi).    “M/s. Petronet LNG Limited (PLL) has asked for special consideration on the ground that their project will generate 2.5 MT traffic per annum.  As has been stressed by the Chairman of the COPT at the joint hearing, it was on account of this that the COPT had evinced interest in the project.   In fact, the Board of Trustees is reported to have reduced the estimate of the base price of land from Rs.32,000/- per Cent to Rs.25,000/- per Cent primarily on this consideration.”

5(i).      “The land value at Puthuvypu on the base price of land at Rs.25,000/- per Cent is approved.  Accordingly, leasing by the COPT of 50 hectares  of land at Puthuvypu to the PLL at a lease rent of Rs.2,06,000/- per hectare per annum is approved.” 

S.Sathyam, Chairman