By IANS
New Delhi : The union cabinet Thursday approved the development of an offshore container terminal at Mumbai port by Gammon India and Spanish Dragados SPL.
The total cost of the project is Rs.12.28 billion, of which a consortium of Gammon India, Gammon Infrastructure Ltd and Dragados will invest Rs.8.62 billion and Mumbai Port Trust the rest, Finance Minister P. Chidambaram told reporters after the cabinet meeting.
The terminal will facilitate handling of large size container vessels at the port. The project is also expected to enhance trade and employment.
The new terminal will provide a cost-effective and efficient gateway for imports and exports for industries in special economic zones and the retail sector, Chidambaram said.