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Container terminal: meeting to be held on October 12

By Our Staff Reporter

KOCHI, OCT. 5. An inter-ministerial meeting has been convened in New Delhi on October 12 to review the progress of the International Container Transhipment Terminal (ICTT). Officials from the Finance and Shipping Ministries will attend the meeting, it is learnt.

The meeting has been convened even as the Cochin Port Trust (CPT) is working on the final agreement with the Dubai Ports International (DPI), which has been awarded the contract for taking over the Rajiv Gandhi Container Terminal (RGCT) and later, for developing the ICTT.

The Cabinet Committee on Economic Affairs had approved DPI being awarded the project in August and the Government had officially sanctioned the project on September 9.

Officials of DPI had held discussions with the CPT officials recently ahead of finalising the agreement. The CPT had issued the letter of intent (LoI) on September 16. The licence agreement is to be executed within 10 weeks of issuing the LoI. And, as per the current schedule, DPI is expected to accept the LoI latest by October 13 and the CPT expects to execute the licence agreement by November 24.

The development of the ICTT is part of a Rs. 7,455 crore investment envisaged by the CPT over the next five years. The investments include a port-based special economic zone.

Meanwhile, cargo operations at the RGCT have touched normal levels after a virtual standstill in operations at the terminal during the last week. Breakdown in cargo handling equipment had resulted in severe congestion at the terminal.

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