India: New Norms to Speed Up Port Projects

The Indian Central Government has announced new norms under which security clearances granted to a company will be valid for three years.

The new guidelines states that once security clearance is accorded to any company by the Ministry of Shipping, based on the inputs of relevant Ministries/Departments/Organisations with respect to any port project, such clearance in respect of the company will be valid for three years.

Also, the Central Government has made it mandatory for the companies that during three years, they will have to inform the Shipping Ministry about any changes in the management control and more than 10 per cent change in the shareholding by any shareholder within two weeks. If they fail to do so, the security clearance already accorded can be withdrawn. The new norms will also apply to port projects being developed by coastal states as well as private ports. The price bids for port contracts will be opened only after pre-qualified bidders are granted security clearance.

[mappress]

Source: projectstoday, January 7, 2013

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