Rajiv Gandhi Container Terminal

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India Gateway Terminal Private Limited (IGTPL) signed a lease contract with the Cochin Port Trust in February 2005, to take over the operations and management of the existing Rajiv Gandhi Container Terminal (RGCT), in Cochin, Kerala. The lease contract was awarded to IGTPL as an interim measure until the new Vallarpadam International Container Transhipment Terminal (VICTT) became operational. VICTT was being developed by IGTPL on a BOOT (build-own-operate-transfer) basis. Under the lease contract, IGTPL had up to eight years to transfer all its operations from RGCT to VICTT. IGTPL was jointly owned by Dubai Ports World (DP World) (75%), Transworld Group (5%), Chakiat Agencies Private Limited (5%) and state owned Container Corporation of India (15%). Under the lease, IGTPL agreed to pay an annual rent of US$ 2.2 million (Rs 9.6 crores) with a 5% annual increase to Cochin Port Trust for the use of the facilities and equipment at RGCT. IGTPL invested approximately US$17 million on quayside and yard- handling equipment, and information technology (IT) systems upgrade to improve the productivity of RGCT. IGTPL took over the operations of RGCT in April 2005. VICTT did not achieve financial closure in 2005 - hence not in the related IDs