{"id":193874,"date":"2018-03-09T12:56:34","date_gmt":"2018-03-09T07:26:34","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=193874"},"modified":"2018-03-09T12:56:34","modified_gmt":"2018-03-09T07:26:34","slug":"government-revises-model-concession-agreement-ppp-major-ports","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2018\/03\/09\/government-revises-model-concession-agreement-ppp-major-ports\/","title":{"rendered":"Government revises Model Concession Agreement for PPP in Major Ports"},"content":{"rendered":"
\n

In order to make \u00a0port projects more investor friendly and make investment climate in the Major Port sector more attractive, the Government has approved the revised Model Concession Agreement (MCA) for Public Private Participation (PPP) projects in Major Ports on 3.1.2018.\u00a0 Salient features of the revised MCA are as follows :<\/p>\n<\/div>\n

    \n
  1. Providing exit route to developers by way of divesting their equity upto 100% after completion of 2 years from the Commercial Operation Date (COD).\u00a0 This is now similar to the MCA provisions of Highway Sector.<\/li>\n
  2. Under provision of additional land to the Concessionaire, land rent has been reduced from 200% to 120% of the applicable scale of rates for the proposed additional land.<\/li>\n
  3. Concessionaire would pay Royalty on \u201cper MT of cargo\/TEU handled\u201d basis which would be indexed to the variations in the WPI annually.\u00a0 This will replace the present procedure of charging royalty which is equal to the percentage of Gross revenue, quoted during bidding, calculated on the basis of upfront normative tariff ceiling prescribed by TAMP.\u00a0 This will help to resolve the long pending grievances of PPP operators that Revenue share is payable on ceiling tariff and price discounts are ignored.\u00a0 The problems associated with fixing storage charges by TAMP and collection of Revenue share on storage charges which has plagued many projects will also get eliminated.<\/li>\n
  4. Concessionaire would be free to deploy higher capacity equipment\/facilities\/technology and carry out value engineering for higher productivity and improved utilization and\/or cost saving of Project assets.<\/li>\n
  5. \u201cActual Project Cost\u201d would be replaced by \u201cTotal Project Cost\u201d.<\/li>\n
  6. The new definition of \u201cChange in Law\u201d will also include (i) imposition of standards and conditions arising out of TAMP guidelines\/orders, Environmental Law &Labour Laws and (ii) increase and imposition of new taxes, duties, etc for compensating the Concessionaire.\u00a0 Since the viability of the project was affected, concessionaire will now be compensated for the increase and imposition of new taxes, duties etc. except in respect of imposition\/increase of a direct tax, both by Central & State Government.<\/li>\n
  7. Provision for commencement of operations before Commercial Operation Date (COD).\u00a0 This will lead to better utilization of assets provided by the Port in many projects before the formal completion certificate.<\/li>\n
  8. Provision regarding refinancing is aimed at facilitating availability of low cost long term funds to Concessionaire so as to improve the financial viability of the projects.<\/li>\n
  9. Extending the provision of SAROD-PORTS for redressal of disputes to the existing Concessionaires also by introducing the Supplementary Agreement to be signed between the Concessionaire and the Concessioning Authority.<\/li>\n
  10. Introduction of Complaint Portal for the use of port users.<\/li>\n
  11. A Monitoring Arrangement has been introduced for keeping periodical status report of the project.<\/li>\n<\/ol>\n

    Ministry of Shipping<\/p>\n","protected":false},"excerpt":{"rendered":"

    In order to make \u00a0port projects more investor friendly and make investment climate in the Major Port sector more attractive, the Government <\/p>\n","protected":false},"author":91,"featured_media":46341,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[29449,29447,29448],"class_list":["post-193874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","tag-major-ports","tag-model-concession-agreement","tag-public-private-participation"],"yoast_head":"\nGovernment revises Model Concession Agreement for PPP in Major Ports | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Following proposals put forward by NITI Aayog with respect to the arbitrations by\/against Government Entities were approved: (i)\u00a0 Government Entities will take\u2026","rel":"","context":"In "Cabinet Decisions"","block_context":{"text":"Cabinet Decisions","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/cabinet_decisions\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/NITI-AAYOG.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/NITI-AAYOG.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/NITI-AAYOG.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/NITI-AAYOG.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/NITI-AAYOG.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":300917,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/06\/mca-revises-forms-in-limited-liability-partnership-rules-legal-news\/","url_meta":{"origin":193874,"position":5},"title":"MCA revises Forms 3 & 4 vide LLP (Second Amendment) Rules, 2023","author":"Kriti","date":"September 6, 2023","format":false,"excerpt":"On 1-9-2023, the Ministry of Corporate Affairs notified the Limited Liability Partnership (Second Amendment) Rules, 2023 to amend the Limited Liability Partnership Rules, 2009. 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