India clears Mumbai Port terminal

The Indian government on Thursday gave its nod to a proposal by the shipping, road transport and highways ministry for development of an offshore container terminal on build, operate and transfer (BOT) basis at Mumbai Port. “The total investment by the port will amount to Rs 366.39 crore,” the Union finance minister, Mr P Chidambaram, said at the end of the Cabinet Committee on Economic Affairs (CCEA) meeting, chaired by the Prime Minister, Dr Manmohan Singh.
The container terminal would be developed under licence agreement to be entered into by Mumbai Port Trust (MbPT) with the BOT operator ~ a consortium of Gammon India Limited, Gammon Infrastructure Limited and Dragados SPL, Spain.
The total cost of the OCT Project is estimated to be Rs 1,228 crore. The investment by the BOT operator would amount to Rs 862 crore and the investment by the port to carry out works under their scope will be Rs 366.39 crore. The capacity addition due to implementation of this project will be 9.6 million tons year.