Pact soon for JN port’s 4th box terminal

Monday, 2 January 2012 00:22 - - {{hitsCtrl.values.hits}}

Mumbai: The concession agreement for the fourth container terminal at the Jawaharlal Nehru port will be signed in the second week of January, the Union Minister of Shipping G.K. Vasan said on Friday.

The agreement will be signed with the consortium, led by Singapore’s PSA International, which was awarded the project. The project designed to handle 4.8 million tonnes cargo annually, is estimated to cost Rs. 6,700 crore. The first phase of the terminal will be developed at a cost of Rs. 4,100 crore. Upon completion, the terminal is expected to handle 2.4 million TEUs, he said.

The Union Shipping Minister was speaking at a function to award ISO certification to the Jawaharlal Nehru port in Mumbai. The JN port is the first major port to have achieved four quality certifications. “The major ports play a key role in facilitating external trade which contributes to 40 per cent of India’s GDP,” Vasan said.