Will Mukesh Ambani’s Reliance help the much-touted Rs 6,000-crore Positra port and SEZ project finally sail through? Reliance has picked up 90% stake in the project, which was originally being promoted by Nikhil Gandhi’s SKIL. What’s more, the Gujarat Maritime Board (GMB) has put the Positra port and SEZ project, the first SEZ project to be conceived in India, on the fast track. Last week, GMB wrote to the Gujarat government saying the Gujarat Ports & Infrastructure Development (GPIDCL), the investment arm of GMB, should be allowed to enter into supplementary MoU with SKIL.

The Gujarat Positra Port (GPPCL), the company which was incorporated in 1998 to develop the project near Dwarka, has already shown its preparedness to deposit Rs 15 crore for land acquisition by GMB which may be subsequently leased to Positra Port Project. Sources said the promoters are also negotiating with financial companies such as Infrastructure Leasing & Financial Services (IL&FS), International Finance Corporation (IFC), a World Bank arm, USA’s Indus Capital, New York Life Insurance and Jacob Ballas USA, who have shown interest in investing in the project.

When contacted Reliance officials confirmed the development but refused to divulge details. “We have enough on our plate at this moment. Hence investments in Positra port has not been chalked out so far,” sources in the company told ET. Originally, Positra port was proposed to be developed under the joint sector as per state government’s 1995 port policy. One of the most hyped projects, Positra had even attracted players like Japan’s Sumitomo Corporation. The project was delayed due to a public interest litigation filed in the Gujarat HC and later on in the SC.

In between, GMB wrote to Sea King on a number of times regarding the status of the project. In August 2006, the GPIDCL board resolved that a proposal may be sent to Ports & Transport Department to accord permission to sign a supplementary MoU with the developers, as the terms of MoU has expired and that permission to enter into shareholders’ agreement may also be sought after taking legal opinion from experts hired by GMB,” said a source.