Decks cleared for Chabahar Port's equipment buy

In a boost to the Chabahar Port, the United States has assured India that it will help facilitate global banks to fund the purchase of equipment worth $85 million to be erected at the Chabahar port which India is currently developing in Iran. India Ports Global a 60:40 joint venture between Jawaharlal Port Trust and Deendayal Port Trust) and Aria Banader Iranian Port had signed a deal in May 2016 to equip and operate the container and multi-purpose terminal at Shahid Beheshti – Chabahar Port Phase-I with a capital investment of $85.21 million and annual revenue expenditure of $ 22.95 million, on a 10-year lease. Cargo revenues collected will be shared by India and Iran as per an agreed formula. Located in the Sistan-Baluchistan Province on Iran's South-eastern coast (outside the Persian Gulf), Chabahar port is of strategic importance for the development of regional maritime transit traffic to Afghanistan and Central Asia. India Ports Global has ordered four rail-mounted quay cranes (RMQCs) for $29.8 million from Chinese port crane maker Shanghai Zhenhua Heavy Industries Co Ltd (ZPMC) and 14 rubber-tyred gantry cranes or RTGCs for about $18 million from Finnish crane maker Cargotec OYJ for erections at the port; and for mobile harbor cranes from Italy's Italgru SRL.