The Board of Trustees of Jawaharlal Nehru Port has approved the bid of PSA International and has issued the Letter of Award (LoA) for developing a fourth container terminal.

PSA International, a Singapore-based port operator, will have to acknowledge the letter of award within seven days and sign the concession agreement within 30 days.

The fourth container terminal is located at Jawaharlal Nehru Port, Nhava Sheva, in Raigarh district of Maharashtra. The project -- with a container handling capacity 4.8 million standard containers annually on completion  -- is estimated to cost Rs 8,200 crore.

In 2012, the company had emerged as the highest bidder for the project, but refused to sign the contract, forcing Jawaharlal Nehru Port Trust (JNPT) to go for re-bidding in June 2013. Now, the company has again emerged as the highest bidder for the project.

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