Paradip Port Trust (PPT) and JSW Paradip Terminal Private Limited (JSWPTPL) have signed a concession agreement to develop a new iron ore berth for handling of iron ore exportsat the port.

The agreement provides for concession period of 30 years vide which JSW would develop, operate and maintain modern mechanised terminal of 10 MTPA capacity at an estimated project cost of Rs 740 crore.

JSW would invest about Rs 605 crore and PPT would contribute the balance towards providing supporting infrastructure facilities, a PPT release said today.

The environment-friendly and efficient terminal operations would provide employment and entrepreneurship opportunities for locals and would actively contribute to the socio economic development of Paradip region.