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Approval won for multi-million dollar Mumbai container terminal

POSTED: 10:25 a.m. EDT, May 28,2007

India's shipping ministry has given the green light in principle to a consortium led by Gammon India's Gammon Infrastructure Projects Ltd and Spanish logistics firm Dragados SPL for a new INR12 billion (US$297.91 million) container terminal in Mumbai, the Mint financial website reported.

"Mumbai Port Trust will shortly issue a letter of intent to the successful bidder," an unnamed Mumbai port official said in the report.

The project involves the operation and management of the existing Mumbai port container terminal for five years and the development and management of an offshore container terminal consisting of two berths. Costs are estimated at INR8 billion in the first three years and another INR4 billion in the latter stages.

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