Kochi, Feb 5 (PTI) Prime Minister Manmohan Singh willdedicate to the nation on February 11 the Rs 3,200-croreInternational Container Transhipment Terminal (ICTT) at nearbyVallarpadam, a major expansion project of Cochin Port Trust.
Dubai Ports World (DPW), the terminal''s operator, hadcompleted construction of the modern terminal which would havestate-of-the-art cargo handling equipment, Cochin Port TrustChairman N Ramachandran told reporters here.
As per the agreement between CPT and DPW, the constructionof the terminal, its equipment and operations would be theresponsibility of DPW while the port would ensure road andrail connectivity to the project site and deepening of theshipping channels.
DPW has invested close to Rs 1,600 crore for the terminaland the union government, through CPT, another Rs 1,600 crorefor the road and rail connectivity of the project taken upthrough Private Public Participation (PPP) mode.
DPW will operate the terminal for a 30-year period afterwhich the assets will come back to CPT as per the agreement,Ramachandran said adding one third of the gross revenue wouldgo to the CPT while the rest to DPW.