The Port of Singapore Authority (PSA) and the Jawaharlal Nehru Port Trust (JNPT) have inked a concession agreement for development of the IV container and marine chemical terminal at Nhava Sheva, in Raigarh district of Maharashtra.

The terminal project, estimated to cost Rs 8,200 crore, is being funded through 100 per cent foreign direct investment. It is expected to achieve financial closure within the next 80 days.

The project envisages construction of a container terminal with the container handling capacity of three - four million twenty equivalent units.

In 2012, the company had emerged as the highest bidder for the project, but refused to sign the contract, forcing JNPT to go for re-bidding in June 2013. In February 2014, the company had again emerged as the highest bidder and received a letter of award (LoA) for the project.

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