DP World investment granted approval
According to media reports, Dubai based terminal operator, DP World, has been granted approval by the Indian Finance Ministry for its proposed container terminal investment project at Jawaharlal Nehru Port.
The operator is said to have been granted approval to invest as much as INR4.4bn (US$82m) in the proposed container terminal project at Nhava Sheva.
The 17 year concession to extend the port’s container berth by 1,082ft and construct a new 42 acre container yard will increase the port’s annual capacity by an estimated 800,000 teu.
The new facility will be equipped with four rail mounted quay cranes and 12 rubber tyred gantry cranes.
The approval from the Indian Finance Ministry comes after a contract was agreed with the port authority in November 2012 to establish a special operating vehicle, supplied by supply chain solutions company, Hindustan Port Pvt Ltd, which will oversee the project.
Only DP World had entered the bid for the new $114m container terminal - for which it's believed that the operator offered a 29.09% revenue share to the government.
The terminal is expected to begin operations in 2015.
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