The Indian government is on track to secure cabinet approval for the ambitious International Container Transshipment Port (ICTP) at Galathea Bay, Great Nicobar Island, with an estimated cost of Rs 44,000 crore. The project, set to be developed in four phases, is expected to receive the green light by the end of the year. The first phase, with an estimated cost of Rs 19,000+ crore, is slated for tender early next year, aiming to be operational by 2028 with a capacity of 4 million TEUs. The mega container terminal is a key component of the comprehensive development plan for the Great Nicobar Island, strategically positioned along international shipping routes. Upon completion, the port is poised to reduce India's dependence on foreign transshipment ports, offering significant economic and logistical advantages, including foreign exchange savings, increased foreign direct investment, and enhanced economic activity at Indian ports.

SOURCE: GOOGLE