Bhubaneswar: Chief minister Naveen Patnaik will lay the foundation stone for the Subarnarekhea port in Balasore district on Wednesday.

The Subarnarekha Port on the Bay of Bengal would be developed by Tata Steel, which has acquired the controlling stake of 51% from the orginal concessional lease holders Creative Infrastructure of Channei.

The Odisha chief secretary, AP Padhi, and the Tata Steel managing director TV Narendra discussed about the new upcoming port, here on Tuesday.

Padhi said that the Tata Steel has acquired 51% stake in the port project and is committed to develop the port at a cost of Rs 5000 crore. The chief secretary said that 692 acres of land has already been handed over the port developers. Another 150 acres of both private and government land would be given very soon. He said that once the critical 27 acres of land that is required for laying the approach road to the site is handed over, the work will go in full swing.

Narendra said that the port will be developed to handle 25 million tonne of cargo in the first phase with an investment of Rs 3000 crore. He said that the port would be commissioned in next 4 to 5 years.

The Tata Steel MD said: Subarnarekha would be an important port for our Jamsedpur steel plant. While Paradip will serve our Angul Tata Bhusan Steel Plant, Dhamra will serve Kalinganagar Plant.

Narendra said that Subarnarekaha will have Jharkhand, West Bengal besides norther Odisha as its hinterland.