Balasore: Chief Minister Naveen Patnaik on Thursday laid the foundation stone for Subarbarekha Port here.
The port will be developed with an estimated cost of Rs 5000 crore. Tata Steel Ltd will develop the port with the State Government.
Initially, the port will handle 25000MT cargo annually.
The proposed port could emerge as an major port not only for Odisha but also for West Bengal and Jharkhand (Jamshedpur Steel Plant).
Tata Steel will complete the port development in Subarbarekha river mouth in Balasore district, development four to five years. It has 51 per cent ownership in the company that has concession agreement for developing the port.