News ID: 154051
Published: 0712 GMT June 28, 2016

Indian firms to invest $235m in Chabahar

Indian firms to invest $235m in Chabahar

Goods handled by Chabahar Port will increase from two million tons to eight million tons following an investment of $235 million by Indian firms in the port.

Managing Director of Ports and Maritime Organization Mohammad Saeednejad told IRNA on Tuesday that Indian firms will invest $85 million in the build-operate-transfer (BOT) mode and a further $150 million as finance to supply equipment for Chabahar Port.

Based on the BOT contract, Indian firms will have to hand over all the equipment to Iran after 10 years, he said.

He added that the $150-million finance investment will be used to purchase and install port equipment and Indian firms will invest a total of $235 million over an 18-month period to supply necessary equipment.

Saeednejad said that equipping Iranian ports is the main priority of Ports and Maritime Organization, adding that the first letter of credit (L/C) valued at $170 million was opened while four other L/Cs are to be opened for a European company.

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