NEW DELHI, Nov 29: Indian Prime Minister Atal Behari Vajpayee on Saturday announced an ambitious 25-billion-dollar ports project and invited the European Union to invest in the venture.

Vajpayee told an EU-India business summit that India planned to strengthen its infrastructure by building and upgrading a chain of modern ports along its vast coastline.

“We are soon launching a major new initiative — “Sagarmala” (Sea Necklace) — which aims to build and upgrade a series of modern ports supporting international and coastal shipping all along our peninsular coastline,” said Vajpayee.

“This $25bn project should present attractive opportunities for European business. We believe that our infrastructure sector should be a particular area of interest to EU business,” he added.

Indian officials said they would invite bids for building the project in early 2004, adding that the government was looking at a private-public partnership to fund the ambitious project.

India has allowed several foreign firms including British-based P and O Ports and Hong Kong conglomerate Hutchison Whampoa to pick up stakes in container port terminals.—AFP