"The MoU that we signed has two parts; the first pertains to equipping and developing phase one of Chabahar port and the Indians have undertaken to invest $85 million for equipping Chabahar port in phase one," Akhoundi said after inking the MoU in Tehran on Thursday, according to Fars News Agency.
"Based on the other part of the MoU, the Indian side has also voiced its readiness to invest $110 million to develop other phases of Chabahar port," he added.
In April, outgoing Indian ambassador in Tehran DP Srivastava in a meeting with Iranian Foreign Minister Mohammad Javad Zarif announced that the country's Road, Transportation and Shipping Minister Nitin Gadkari is due to visit Iran to ink an MoU on the development of Chabahar port.
He also underlined Indian companies' increased partnership in economic plans in Iran, including petrochemical production.
Merely 72 km west of China-developed Gwadar port in Pakistan's restive province of Baluchistan, Chabahar, on the mouth of the Straits of Hormuz in the Persian Gulf, provides India a land-sea access route into Afghanistan and Central Asia through the Bandar Abbas-Caspian Sea axis.
India's plan to develop Chabahar port has been hanging on the balance since 2003.