[vc_row][vc_column][vc_column_text]India is keen on expediting development of Chabahar Port in Iran and hopes to complete the first phase of the project next year, Union Minister Nitin Gadkari has said.
“We can complete the work on the first phase of the project in 2018. The funds are likely to be released shortly. Tenders are out for the project,” said Gadkari.
Kandla Port has floated tenders inviting global bids for supply and commissioning of terminal tractor trailers, forklifts, reach stackers, empty container handlers and yard cranes among other equipment at Shahid Beheshti Port, Chabahar, Iran.
The Cabinet has already approved funds for development of the project.
For greater trade and investment flow with Iran and neighbouring countries, the Cabinet last year had cleared proposals for development of Chabahar Port including through a $150 million credit from Export-Import Bank of India.
As per the MoU signed between the two nations in May last year, India is to equip and operate two berths in Chabahar Port Phase-I with capital investment of $85.21 million and annual revenue expenditure of $22.95 million on a ten year lease.
Ownership of equipment will be transferred to Iranian on completion of 10-year period or for an extended period, based on mutual agreement.
Iran had requested for provision of a credit of $150 million in accordance with the MoU.[/vc_column_text][/vc_column][/vc_row]
