P&O Ports set to ink deal with Noell

Our Bureau

NEW DELHI, Dec. 7

P&O Ports will buy equipment worth over $27 million from Germany's Noell which are expected to arrive next year for deployment at the container terminal in Chennai port, a top official said.

"The agreement for the equipment deal will be signed on December 10 and the cranes will come next year,'' Mr Jimmy Sarbh, Regional Director, South Asia & Middle East, P&O Ports told Business Line.

Taking over the existing Chennai container terminal along with the equipment and labour and replacement of the existing equipment with new ones at appropriate times were some of the non-negotiable terms based on which financial bids were invited for awarding the project.

The existing container terminal along with the equipments were handed over to P&O Ports on November 30 and the company will develop and manage the project over a licence period of 30 years.