R.J. Shahaney, chairman of Ashok Leyland Project Services said on July 10, 2004 that two consortia led by the Hinduja Group have bagged two projects in Iran worth US$ 600 million, Pars Investment reported from Tehran on Sunday.
One of the projects, to extend the port of Chabahar, in southeastern Iran, will cost US$100 million. Another project, for building a railway line between Chabahar port and Bam costs around US$500 million. Partnering with the Hindujas in these consortia are RITES and IRCON, both undertakings of the Government of India.
Chabahar is a strategic port located on the Oman Sea. The development of Chabahar port and the associated rail link project were included in the Indo-Iranian 'Delhi Declaration', signed during President Khatami's visit to Delhi in January 2003.
Mr. Shahaney added that two special purpose vehicles would be created for implementing these projects. It is expected that these projects will have an equity portion of 30 percent. Asked if payment security measures were in place, he noted that discussions were going on. The port project could start in the next six months and be completed by mid-2007. The rail project may start in March 2005, and take five years to finish.
... Payvand News - 7/12/04 ... --