A Proposal to build a INR12.28 billion (US$311.8 million) offshore container terminal off Mumbai has won government approval.
Finance Minister Palaniappan Chidambaram said the terminal will be developed by Gammon India and Spanish firm Dragados, and will handle large vessels, said Reuters.
The minister announced that a consortium of Gammon India, Gammon Infrastructure Ltd and Dragados, plans to invest INR8.62 billion in building the terminal. The Mumbai Port Trust will invest a further INR3.66 billion.
The minister added that the offshore container terminal will raise Mumbai port's cargo handling capacity by 9.6 million tonnes a year after the terminal opens.
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