India, Iran sign 10-year agreement on Chabahar infrastructure
India and Iran have inked a deal allowing India Ports Global (IPGL) company to develop and control the management of an Iranian port for 10 years.
India and Iran on Monday signed a long-term agreement covering Indian operations at the Chabahar port, with New Delhi offering a credit window worth $250 million for the development of infrastructure there.
The agreement was signed in Tehran in the presence of ports and shipping minister Sarbananda Sonowal and his Iranian counterpart Mehrdad Bazrpash, Hindustan Times reported.
Sonowal’s visit amid India’s general elections emphasizes the importance attached by New Delhi to the Chabahar port and its place in ambitious plans to forge greater connectivity with Iran, Afghanistan and the landlocked central Asian states.
Sonowal said with the signing of the agreement, the two countries have laid the foundations for India’s long-term involvement in Chabahar.