Chennai two terms confirmed

Investment by the consortium will be in the order of ¢85m ($115m), while the Port Trust will invest a further ¢17m ($23m) in land reclamation,dredging and deepening the draught to 15.5 metres.

Chennai International Terminal Private Limited is scheduled to commence operations by the end of 2008. Meanwhile, the PSA group has outlined its commitment to building a new terminal at Rodman, at the entrance to the Panama Canal.

Initial investment is believed to be in the region of $100m, which will finance construction of a 330 metre container and ro-ro berth capable of handling 450,000 teu annually.

Alongside water depth will be 14 metres and the terminal is set to open in 2009.