Economy, Business And Markets

India to Export Rails Worth $150m to Iran

India to Export Rails Worth $150m to Iran India to Export Rails Worth $150m to Iran

In a bid to develop railroad and other infrastructure at Chabahar Port, Indian steel companies will export rails worth $150 million to Iran in July. The Indian daily business newspaper Mint reported on its website that both countries have deliberated on moving the historic pact between the nations further on the strategic port in southern Iran, which will give India access to Afghanistan and Europe bypassing Pakistan. Moreover, IRCON will build a rail line in Chabahar to move goods right up to Afghanistan. The rail links are being built so that the landlocked Afghanistan can get access to the Iranian port as an alternative to the Pakistani port of Karachi. The pact to develop Chabahar and other infrastructure was signed during Indian Prime Minister Narendra Modi’s visit to Iran last month. India says it plans to invest billions of dollars in setting up industries ranging from an aluminum smelter to a urea plant in Chabahar Free Trade Zone.