India signs historic agreement with Iran to operate Chabahar port

On May 13, 2024, India and Iran signed a 10-year agreement for the operation and development of the strategically significant Chabahar port in Iran. to equip and operate the Shahid Beheshti Port in Chabahar. As part of the cooperation agreement, IPGL will invest approximately $120 million towards equipping.

According to officials, India also offered a line of credit of $250 million for collaborative projects designed towards the development of infrastructure linked to Chabahar. The signing of this agreement in Tehran was witnessed by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal. Iranian Minister of Roads and Urban Development Mehrdad Bazrpash was also present during the signing of the agreement.

The Ministers recalled the common vision of their leaders to further strengthen bilateral cooperation in connectivity initiatives and in making Chabahar Port a regional connectivity hub.