The consortium of PSA Holdings Singapore and Sical Logistics on 6 November 2006 received the letter of intent for developing a greenfield container terminal at Chennai Port (the port's second) on BOT basis.

The consortium emerged as the most competitive during the shortlisting that took place in September 2006 but the formal LoI was pending award.

Chennai Port Trust will contribute Rs.100 crore towards the Rs.492 crore project while the consortium will bring in the rest. ChPT's contribution will largely be used for dredging and land reclamation.  PSA-Sical quoted a revenue-sharing proportion of 45.801 per cent.

While the project will take two years to fully commission, the terminal will be able to start handling container vessels in a year's time. The second container terminal will handle 1 lakh TEUs of container traffic in the first year of operation, moving to 6 lakh TEUs within five years of operation.

For chronology of developments, click here.

In an independent development, the Centre has commissioned a study to develop an expressway costing Rs.1,050 crore from Chennai port to Maduravoyal along River Cooum. (Details awaited.)

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