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Interim company takes over Chabahar Port Phase-I

India ready for Chabahar-Zahedan Rail

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India ready for Chabahar-Zahedan Rail

 

 

A special purpose vehicle (SPV) of the Indian Ports Global Ltd has taken over interim operation of the Chabahar Port in Iran since 24 Dec 2018, Minister of State in the Ministry of Shipping. Pon Radhakrishnan, said in an update to the Lok Sabha on 3 Jan 2019.

The SPV, named India Ports Global Chabahar Free Zone (IPGCFZ), is to handle interim operation for one and a half year.

India is to operate two berths at Chabahar Port Phase-I on a 10-year lease. It is making a capital investment of US$85.21 million with annual revenue expenditure if US$22.95 million.

Meanwhile, India conveyed its readiness to support the development of Chabahar-Zahedan Rail line.

IRCON International Ltd, formerly Indian Railway Construction Company Ltd, had signed a Memorandum of Understanding with Iran’s Construction, Development of Transport and Infrastructure Company, for construction of rail project on 23 May 2016, he said.

Chabahar Port is a gateway for India, Iran and Afghanistan to Central Asian countries. fiinews.com

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