The total cost of the project will be $111 million, out of which $76 million will be provided as soft loan from JICA, a statement from the Shipping Ministry said.
Out of the remaining amount, $25 million as taxes and fees will be borne by the Gujarat government and the balance $10 million will be shared by the Shipping Ministry and the state government, it added.
The project will be executed by Gujarat Maritime Board (GMB) and is likely to be completed by 2022.
"This project will help the Alang-Sosia ship-recycling yards to comply with international safety and environmental regulations."
"This project will also help in safeguarding the marine and coastal environment. The use of advanced decontamination technology will rule out the possibility of fire accidents in oil and chemical tankers, thereby ensuring workers safety," the statement said.
It added that the project would increase direct employment from 50,000 to 92,000 people and indirect employment from 1.5 lakhs to 3 lakh people.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
This website uses cookies.