India's leading engineering, procurement and construction company Essar Projects (India) Ltd announced on May 14 that it has signed a contract with the Indian Ministry of External Affairs to execute port and inland water transport components of the ‘Kaladan Multi Modal Transit Transport Project' in Myanmar.
Essar said that the contract involves the construction of two jetties at Sittwe and Paletwa in Myanmar, dredging and construction of cargo barges, etc., to facilitate cargo movement along the river Kaladan, adding that the construction of a port at Sittwe is a major component of the contract.
This project is being carried out by the government of India under a framework agreement between the two countries to ease the movement of goods from mainland India to the northeastern states of India, and also for the development of infrastructure in Myanmar. .
The contract signed by Essar is to be executed within 36 months and is worth Rupees 3.42 billion ($75.8 million).