Gammon India - Updates

Gammon India Ltd has informed that Indira Container Terminal Pvt. Ltd., the special purpose vehicle incorporate by the consortium of Gammon and Dragados S.P.L has on December 03, 2007 signed the 'License Agreement' with the Mumbai Port Trust for developing the Mumbai Offshore Container Terminal Project ("the Project").

The estimate Project cost is about Rs 800 crores in the initial phase of 3 years and another Rs 400 crores subsequently, thus aggregating about Rs 1200 crores. The Project is on a BOT basis for 30 years, including 3 years of construction & equipping period, from the date of signing the License Agreement.