One of the oldest ports in the country Paradip Port Trust (PPT) is gearing up to face competition from private sector port giant Adani Ports in Odisha.

The state-run PPT held a road show to attract investment of USD 2.56 million on Friday to more than double current capacity to 270.50 million tonnes per annum (mtpa) by 2023.

The port will itself be investing another USD 152 million to aid expansion.

The PPT said it is open to lease new terminals for both captive as well as commercial operations through the private-public partnership mode. Apart from the 6 berths in the Western Dock complex, the port is looking to open new terminals to handle coal, iron ore, petroleum and container cargo.

Chairman S S Mishra said that "Our berthing policy is volume centric. More the volumes, more the discount. We are gearing up to face competition. We have to keep fighting."

Adani Ports recent USD 932 million acquisition of Dhamra Port near Paradip Port in Odisha is likely to raise competition in the region.

Adani's Mundra Port overtook all ports in Gujarat to become the largest private port operator in the country. Adani Ports is targeting a similar success on the east coast.

PPT too wants to become the mother port of India, and plans to mechanize most of the current berths for faster service.

Adani Ports' success in Gujarat has partly been attributed by several politicians to promoter Gautam Adani's proximity to people ruling the state, which allegedly helped it get faster clearances and easier access to land.

Ramesh Singhal, chief executive of i-maritime Consultancy said that "The timing of Paradip Port's announcement is triggered by someone big coming next door."

"Cargo growth in the region is going to be significant in the next 10 years and competition for it will not only be between Paradip Port and Dhamra Port.

Gopalpur Port, Gangavaram Port and Vizag Port will also take part in it." The eastern hinterland of India, comprising of Odisha, Chhattisgarh and Jharkhand, is the home to India's vast mineral wealth. With the growth push given by the new government, mining is likely to pick up in the region, aiding cargo movement through coastal routes.