Photo: Non-local media
Tehran: Iran has handed over a portion of Chabahar Port (Shahid Beheshti Terminal) to India for a period of 10 years.
On Monday, a signing ceremony for the agreement took place in Tehran in the presence of India’s Minister for Ports and Shipping Mansukh Mandaviya and his Iranian counterpart Mehdi Bazargan.
According to media reports, under the agreement, India will invest over $120 million in providing strategic tools for the modernization of Chabahar Port, and more than $250 million in transportation infrastructure.
Indian Foreign Minister Subrahmanyam Jaishankar stated in Mumbai on Monday that the long-term agreement will facilitate increased investment in Iran’s strategic Chabahar Port.
India aims to transform Chabahar Port into a hub for transportation to Iran, Afghanistan, and Central Asian countries, facilitating the movement of goods to and from these regions.