Hutchison in bid for India port
Hutchison Port Holdings is among three companies bidding for a $620 million build-own-operate concession to upgrade and operate a container terminal in the Indian port of Madras.
The Hong Kong firm, together with Singapore's PSA Corp and P&O Ports, made presentations to officials from India's surface transport ministry earlier this month.
The 30-year franchise includes improving the berthing and cargo back-up areas together with installation of modern container-handling equipment.
Many shipping lines avoid Madras because of its poor port facilities.
Harbour officials hope the improvements will boost container traffic from three million teu (20 ft equivalent units) to nine million teu early next century.