Economy, Domestic Economy

Indian Investment in Chabahar

Indian Investment in ChabaharIndian Investment in Chabahar

India’s Prime Minister Narendra Modi is due to hold a meeting with different ministries to discuss their investment proposals, worth a total of over $30 billion, in Iran’s Chabahar Port, Indian Transport and Shipping Minister Nitin Gadkari said.  The investments, however, will depend on the outcome of negotiations on gas price, Gadkari added, as Iran has offered to supply natural gas at $2.95 per million British thermal units while India wants the rate to be lowered, Indian newspaper Business Standard reported. The minister said among other investment plans in roads, ports and railroads, India proposes to set up a gas-based urea plant in Chabahar while exploring other alternatives.

India has already pledged to invest about $85 million in developing the strategic port off Iran’s southeastern coast, which would provide India a sea-land access route to Afghanistan, bypassing Pakistan.

In May, Gadkari visited Tehran, where the two sides inked a pact to develop Chabahar Port.