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Centre okays Berth redevelopment at New Mangalore Port to boost maritime efficiency

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New Delhi, March 30: The government has approved the proposal of New Mangalore Port Authority (NMPA) for the redevelopment of Berth No. 9 for handling liquid bulk cargo on a Public-Private Partnership (PPP) basis under the DBFOT model, it was announced on Monday.

The approval for implementation was conveyed on March 25, 2026, in a major step towards augmenting India’s port infrastructure and strengthening maritime logistics, according to the Minister of Ports, Shipping and Waterways.

With an estimated project cost of Rs 438.29 crore, the redevelopment will be undertaken by a private concessionaire selected through an open competitive bidding process (single-stage, two-envelope system).

The project will have a capacity of 10.90 MTPA, and the concessionaire will commit to a Minimum Guaranteed Cargo (MGC) of 7.63 MTPA by the 5th year of operations. The construction period is 2 years, with a concession period of 30 years, inclusive of construction.

The project envisages the dismantling of legacy infrastructure and comprehensive redevelopment of Berth No. 9 to handle liquid bulk cargo such as crude oil, petroleum products (POL), and LPG.

“As part of the modernisation, the berth draft will be enhanced from the existing 10.5 metres to 14 metres, with a future-ready design provision up to 19.8 metres, enabling the port to accommodate vessels up to 2,00,000 DWT, including Very Large Gas Carriers (VLGCs),” said the ministry.

“This transformative project is a reflection of the visionary leadership of Prime Minister Narendra Modi, under whom India’s maritime infrastructure is being modernised at an unprecedented pace,” said Minister of Ports, Shipping and Waterways, Sarbananda Sonowal.

By replacing ageing facilities with world-class marine infrastructure, enhancing cargo handling capacity to 10.90 MTPA, and enabling the handling of larger vessels including VLGCs, “we are positioning our ports to meet future energy and trade demands while strengthening India’s role as a global maritime leader”, he added.

The project will replace nearly 50-year-old structures with modern marine infrastructure designed for a 50-year structural life, ensuring long-term sustainability and resilience.

The enhanced capacity will strengthen the port’s ability to meet the growing regional demand for liquid bulk cargo, particularly energy commodities.

By enabling the handling of larger vessels and VLGCs, the project will improve economies of scale, reduce logistics costs, and enhance overall port competitiveness, said the ministry.

Business

57 pc Indian office occupiers say AI not affecting leasing decisions

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New Delhi, Aug 27: Despite the growing weight of artificial intelligence (AI) in corporate strategy, 57 per cent of office occupiers in India said it has no material impact on their leasing decisions, a report said on Thursday.

The report from CBRE South Asia said about 93 per cent of over 200 occupiers surveyed are at some stage of AI implementation, but roughly 59 per cent remain in early or exploratory phases testing proofs‑of‑concept and mapping systemic changes before committing capital or restructuring physical assets.

AI is at an advanced or scaled adoption stage for a third of the cohort, driving immediate changes in how talent is deployed and physical workspaces are utilised, the report said.

While a majority do not expect immediate changes to leasing strategies, occupiers are likely to prioritise high‑quality workplaces that support talent attraction, innovation and advanced technology needs, the report added.

A large proportion of organisations are likely to plan their real estate decisions based on their workforce dynamics and business impact of their AI strategies.

Meanwhile, a section of occupiers anticipated AI creating new opportunities for workforce growth as organisations scale emerging capabilities and technology-led functions.

“While AI adoption is becoming increasingly widespread, business maturity and the pace of deployment will ultimately determine its impact on workforce requirements and, consequently, future leasing decisions,” said Anshuman Magazine, Chairman and CEO-India, South-East Asia, Middle East and Africa, CBRE.

“As organisations continue to transition from experimentation to scaled implementation, the implications for headcount, workplace strategies, and space demand are likely to evolve over time,” he added,

Ram Chandnani, Managing Director, Leasing Services, India, CBRE said that the flight-to-quality trend remains firmly intact, with premium workplaces continuing to play a critical role in attracting and retaining talent.

“In effect, AI is influencing the type of space occupiers seek well before it alters the quantum of space they require,” he added.

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CM Patel returns from US-Canada tour; says investors keen to invest in Gujarat

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Ahmedabad, Aug 27: Gujarat Chief Minister Bhupendra Patel returned to Ahmedabad on Thursday after completing a nine-day visit to the United States and Canada aimed at attracting global investment and promoting the 2027 Vibrant Gujarat Global Summit, saying companies across key sectors had shown interest in investing in the state.

Patel was welcomed at Ahmedabad airport by Deputy Chief Minister Harsh Sanghavi and senior state government officials following his visit from August 17 to 26.

The overseas outreach focussed on investors, technology leaders, entrepreneurs and the Gujarati diaspora in San Francisco, Washington, DC, New York and Toronto.

Speaking to reporters after his return, Patel said the state government’s objective was to ensure that a larger share of investment coming into India was directed towards Gujarat.

“We have witnessed the impact of Prime Minister Narendra Modi’s global relationships and the trust he enjoys during this visit. Because of the complete trust people have in the Prime Minister, investors are keen to make greater investments across various sectors,” he said.

Patel said the delegation had held meetings with major companies and investors in semiconductors, artificial intelligence, data centres and manufacturing, as well as financial companies in connection with GIFT City.

He said the response to the meetings had been encouraging. “Many companies are enthusiastic about investing in Gujarat. Very good investment will come to Gujarat,” he said.

The visit was undertaken as part of Gujarat’s preparations for the 11th Vibrant Gujarat Global Summit, which is scheduled to be held from January 10 to 12, 2027.

During the overseas programme, global investors, technology leaders and innovators were invited to participate in investment, collaboration and partnership opportunities at the summit.

The delegation also engaged with members of the Gujarati diaspora. In Canada, Patel met entrepreneurs and business representatives and invited the community to invest in Gujarat and participate in the forthcoming summit.

The delegation was led by Patel and Chief Secretary M.K. Das. It included Additional Chief Secretary of Finance Department, T. Natarajan; Additional Chief Secretary of Industries and Mines Department, Mamta Verma; Principal Secretary to the Chief Minister Sanjeev Kumar; and Additional Principal Secretary to the Chief Minister Dr Vikrant Pandey.

Representatives of Gujarat’s industrial and business community also accompanied the delegation.

The meetings were held with investors, technology leaders, young entrepreneurs, innovators and members of the Gujarati diaspora across the three US cities and Toronto.

Discussions covered investment opportunities and partnerships in emerging technologies and industrial sectors, with the state also seeking participation from international companies in the 2027 summit.

After the delegation returned to Gujarat, senior officials gathered at Ahmedabad airport to welcome Patel, Das and other members of the delegation.

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Sensex, Nifty post mild uptick over easing crude prices

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Mumbai, Aug 27: The Indian equity markets posted a mild uptick early on Thursday as oil prices edged down on expectations of Iran-Oman talks over opening the Strait of Hormuz.

As of 9.18 am, Sensex added 81 points, or 0.10 per cent, to reach 77,553 and Nifty gained 37 points, or 0.16 per cent, to reach 24,425.

Main broad-cap indices performed in line with the benchmark indices, as the Nifty Midcap 100 added 0.31 per cent, and the Nifty Smallcap 100 gained 0.24 per cent.

All sectoral indices on NSE traded in green except Nifty Media. Nifty IT was the top gainer up 0.42 per cent.

Brent crude eased 0.6 per cent to $87.30 a barrel after Iran informed about discussions with Oman to finalise the Strait of Hormuz-related agreement, easing concerns over prolonged oil supply disruptions in West Asia.

“The near-term bias remains cautious and range-bound, with mixed Asian markets and subdued global cues keeping investors watchful. The focus remains on inflation, bond yields and ongoing geopolitical developments, while easing crude prices could provide some support to Indian equities,” an analyst said.

The immediate support for Nifty is placed at 24,000–24,050 level. On the upside, the 24,350–24,400 zone remains a key hurdle for the bulls, market participants said.

In Asian markets, China’s Shanghai index gained 0.63 per cent and Shenzhen added 1.17 per cent. Japan’s Nikkei lost 0.15 per cent, and Hong Kong’s Hang Seng Index eased 0.47 per cent. South Korea’s Kospi added 2.01 per cent.

Overnight, Wall Street ended mixed-to-lower as investors assessed Nvidia’s earnings and renewed concerns over US inflation, while early Asian markets are trading mostly higher.

The US markets ended in red overnight as Nasdaq lost 0.08 per cent. The S&P 500 shed 0.02 per cent, and the Dow Jones dipped 0.21 per cent.

On August 26, foreign institutional investors (FIIs) net bought equities worth Rs 502 crore, while domestic institutional investors (DIIs) bought equities worth Rs 6,425 crore.

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