New Delhi, India, April 12, 2007 - The Cabinet Committee on Economic Affairs today gave its approval for undertaking the Project for Rs.557.0 crore for providing 4 lane NH Connectivity to the proposed International Container Transshipment Terminal (ICTT) at Vallarpadam, Cochin, Kerala using cess funds.
This project has been undertaken as per commitment given to the Licensee of ICTT. Being a first Container Transshipment Terminal in India, considerable savings in transshipment cost currently incurred via third country ports (Colombo) are expected.
The Project will be implemented by NHAI and is to be completed within a period of 30 months and will be commencing from April, 2007.
In January, 2005, the Cabinet approved the proposal for development and operation of International Container Transshipment Terminal (ICTT) in Cochin on Build Operate and Transfer (BOT basis). Accordingly, Cochin Port Trust signed a license agreement on 31.01.2005 with M/s. India Gateway Pvt. Ltd., a subsidiary of Dubai Port International, UAE. As per License Agreement, provision of 4 Lane NH connectivity inter-alia is a condition precedent. Accordingly, the Cabinet has now approved a Project for 4 lane NH Connectivity at a cost of Rs.557.0 crore.
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