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News Uploaded On : Tuesday, March 04, 2014 12:33:00 PM IND Back  |  Latest Projects  |  Latest Tenders
 
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Private firm may be inducted into JV to develop Chabahar port.
India may induct a private firm into a planned joint venture between two Union government-owned ports to develop a port at Chabahar in Iran, three people briefed on the plan said.

India and Iran will shortly sign a memorandum of understanding (MoU) for developing Chabahar port, they said.

Chabahar is an important port along Iran's Makaran coast and offers Iran easy access to the Indian Ocean. India has decided to invest some $100 million (around Rs.619 crore recently) in developing Chabahar port, which is considered strategically and economically important for the country's exports to landlocked Afghanistan. It will be the first overseas venture by ports owned by the Indian government.

India has been eyeing Chabahar port for nearly a decade to get easier access to Afghanistan.

The investment in Chabahar will be routed through a company in which Kandla and Jawaharlal Nehru ports would hold equity stakes. "We have taken an in-principle approval from the government to set up a special purpose company, which will be jointly owned by Kandla port and Jawaharlal Nehru port. An Indian private firm may also be inducted to develop Chabahar port," a spokesman for the shipping ministry, one of the two persons mentioned earlier, said.

JN port, India"s busiest container gateway, will develop container loading facilities and Kandla port, India"s biggest cargo handler by volume, will set up dry bulk handling facilities at Chabahar port.

LIVEMINT

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