Bhubaneswar, Jan. 11: Chennai-based Creative Port Development Private Limited today inked a concession agreement with the state government for sharing revenue from a Rs 2187 crore proposed deep-water, all-weather, mechanised port in Balasore.

The company, in December 2006, had signed an MoU with the government to develop the port on the Subernarekha river mouth at Kirtania in Balasore.

The first phase of the port with a handling capacity of 10MTPA has been planned to be commissioned by 2010 and ultimately its capacity would go up to 50MTPA by the 10th year.

As agreed, the company today signed the deal which enables the state to share revenue at the rate of five per cent from first to fifth year, eight per cent from sixth to 10th year, 10 per cent from 11th to 15th year and 12 per cent for the remaining 15 years.

CPDL would enjoy the concession for a period of 30 years, extendable by an additional period of 20 years.