This paper examines the rationale for Indian port privatization and provides a framework for privatization. In this context, the term privatization is used to connote private ownership (total or partial) and/or private management of port related services (some or all). It analyses the initial efforts of port privatization in India, spearheaded both by a state government (Gujarat Maritime Board) and central government (Jawaharlal Nehru Port Trust). Issues related to the role of a regulator, threats of anticompetitive behaviour and fine tuning contractual obligations are examined.