The Indian state of Orissa has signed a concession agreement with Navayuga Engineering Company to set up a port in Puri district, at an investment of INR65bn ($1.4bn).

It will have an initial capacity of 25MTPA to export cargo-like iron ore, thermal coal, coking coal, coke and break-bulk cargo.

The all-weather, multi-user port will be developed on a build, own, operate, share and transfer basis.

It will be operational within four years.

Dredging work will be done up to 15.5m during the initial phase.

A detailed project report is expected to be ready within a year, according to