India and Iran have signed long-term deal for Chabahar Port operations.
The two countries signed a long-term deal to operate the Shahid-Beheshti Port Terminal.
Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal led the Indian delegation to Iran.
He saw the signing of a new 10-year deal between India Ports Global Ltd (IPGL) and the Ports & Maritime Organisation of Iran.
Under the deal, IPGL will operate the port for the duration of the Contract.
After the end of the 10-year period, India and Iran would further extend their cooperation in Chabahar.
IPGL will invest approximately 120 million USD in the port. India has also offered an IN credit window equivalent to USD 250 million.
The Chabahar Port is an India-Iran flagship project.
It serves as an important transit port for trade with Afghanistan and Central Asian countries.
In August 2022, Sarbananda Sonowal visited Chabahar Port in Iran. He visited it to review its work progress.
He handed over 6 mobile harbour cranes to Indian Ports Global Chabahar Free Trade Zone (IPGCFTZ) at the port then.
Chabahar is a deep water port. It is located in the Sistan-Baluchistan province of Iran.
It is the closest Iranian port to India. It is located in the open sea.
In May 2016, India, Iran and Afghanistan signed a trilateral agreement to establish the International Transport and Transit Corridor (Chabahar Agreement).
On December 24, 2018, India Ports Global Limited (IPGL) assumed control of the Chabahar Port operations through its fully owned subsidiary, India Ports Global Chabahar Free Zone (IPGCFZ).
