Latest news with #IPGL
India.com
4 hours ago
- Business
- India.com
Israel-Iran war: As tensions escalates between Iran and Israel, India on HIGH risk of losing nearly Rs 47710000000 in Iran due to…, faces challenges from China and US over…
The fight between Israel and Iran is getting more dangerous. Both countries are attacking each other with missiles. According to reports from Israeli media, Iran has now targeted Israel's stock exchange and some hospitals. More than 25 missiles have been launched by Iran, and now it is expected that Israel will strike back soon. Because of this growing conflict, India could be at risk of losing around 550 million dollars (about Rs. 4,771 crore) that it has invested in Iran. Most of this investment is focused on the Chabahar Port, which is very important for India. This port is managed by India through a company called India Ports Global Limited (IPGL) which helps India reach Afghanistan and Central Asia without going through Pakistan. But now, with the tension rising between Iran and Israel, there are worries that the port project might get affected. The situation is getting more complicated due to increasing involvement from the US and ongoing western sanctions, which are making it harder to continue work on the port and its connected railway project. 10-year agreement As of May 2024, India has signed a 10-year contract to manage the Shahid Beheshti Terminal at Chabahar Port in Iran. This terminal is run by India Ports Global Limited (IPGL) in partnership with Iran's Arya Banader company. Earlier, in 2017, private Indian companies like the Adani Group and Essar had also shown interest in operating this port. India's investment in Chabahar Port The Chabahar Port gives India a shorter and alternative trade route to Iran, Afghanistan, Central Asia, and even Europe. India has already invested over USD 200 million in the development of the port. In addition, the country has announced Rs. 700 crore for developing one of the port's terminals. Other investments include: USD 85 million for upgrading the port's berths, A USD 150 million line of credit from EXIM Bank, and Another USD 400 million line of credit to support steel imports for the Chabahar-Zahedan railway line. Shahid Beheshti Terminal is the second-largest port in Iran, and it holds significant importance for India's regional trade strategy. Railway connectivity work India and Iran had signed a deal worth USD 1.6 billion to build the Chabahar-Zahedan railway line. The project was given to Indian government company IRCON International. But in 2020, Iran partly stepped back from the plan because of delays in funding. Still, there is a goal to connect Chabahar Port to Iran's railway network by 2026. Trying to build a new trade network India and Iran have been in regular touch to keep things moving forward. In January 2025, during the 19th round of talks between the two countries, top officials and national security advisors discussed how to improve cooperation on the Chabahar Port and the International North-South Transport Corridor (INSTC). This corridor is a major trade route project that aims to create a network linking India, Iran, Russia, Central Asia, and Europe using roads, railways, and sea routes. Challenges faced from the US and China China is also interested in developing the Chabahar Port and it wants to connect it to Pakistan's Gwadar Port as part of its Belt and Road Initiative (BRI). On the other hand, the United States has raised concerns about India's involvement in Chabahar. The U.S. has reminded countries that strict sanctions are still in place on Iran and warned that anyone doing business with Iran might face penalties. Now, with the ongoing conflict between Israel and Iran and the possibility of the U.S. getting more involved, there is fear that operations at Chabahar could be affected. This may create problems for shipping, insurance, and the trade route planned under the International North-South Transport Corridor (INSTC). Also, the western sanctions have already been causing delays and difficulties for both the port development and the railway project connected to it.
Time of India
11 hours ago
- Business
- Time of India
India keeps tabs on INSTC, Chabahar Port as Israel-Iran conflict rages
Amidst the escalating tensions between Israel and Iran, India is closely monitoring the potential impact on the Chabahar Port and the International North-South Transport Corridor (INSTC), crucial connectivity projects for accessing Afghanistan, Central Asia, and Russia. Tired of too many ads? Remove Ads New Delhi: India is keeping a close watch for any impact on the Chabahar Port and International North-South Transport Corridor (INSTC) amid escalating conflict between Israel and Iran India sees the two connectivity projects in Iran as its gateways to Afghanistan, Central Asia and Russia. The country has also invested heavily in the port has so far not targeted any port in Iran but there are reports of some hits along the Iranian year, India entered into a 10-year deal with Iran for management of the Chabahar Port by an Indian entity, India Ports Global Ltd . IPGL, which is a joint venture between Jawaharlal Nehru Port Trust and Kandla Port Trust, oversees Chabahar Port operations in partnership with Iran's Aria Banader. India's support for the Chabahar includes a $85 million investment for berth upgrades and a $150 million Exim Bank line of the Taliban regime in Afghanistan is focussing on Chabahar and exploring to join INSTC as it seeks to reduce dependence on Pakistani ports. Some Central Asian states have also shown interest.
Daily Mail
4 days ago
- Politics
- Daily Mail
Conservative MP denies Groucho Club sex attack on two women on the same night
Conservative MP Patrick Spencer has today denied sexually assaulting two women on the same night at the exclusive Groucho Club in Soho. The 37-year-old appeared at Westminster Magistrates' Court accused of 'cupping' the two alleged victims' breasts on 12 August 2023. Wearing a smart blue suit, green tie, and thick-rimmed black glasses, the Central Suffolk and North Ipswich stood in the dock to confirm his name and date of birth. The two charges of sexual assault allege he 'intentionally touched a woman aged 16 or over and that touching was sexual when she did not consent and you did not reasonably believe that she was consenting'. He pleaded not guilty to both charges. Prosecutor Polly Dyer told the court Spencer was present at the Groucho Club that night with the two alleged victims. Spencer elected to be tried by a jury and he was bailed ahead of a plea and trial preparation hearing at Southwark Crown Court on 14 July. Lawyers acting for the MP have previously said he 'categorically denies the charges' against him, adding: 'He has co-operated fully with the police investigation from the moment he became aware of it and he will defend the allegations robustly in court.' Spencer had worked in finance for private equity firm IPGL, a company chaired by his father, former Conservative Party treasurer Lord Michael Spencer. Frank Ferguson, head of the special crime and counter terrorism division at the Crown Prosecution Service (CPS), earlier said: 'Following a review of the evidence provided by the Metropolitan Police Service, we have authorised two counts of sexual assault against Patrick Spencer MP. 'The charges follow two alleged incidents involving two separate women at the Groucho Club in central London in August 2023.' He was interviewed by police earlier this year after a complaint about his behaviour was made to the private members club. Spencer was elected to Parliament at the general election last year with a majority of 4,290. The Groucho is a private members' club in Soho's Dean Street. It opened in 1985 and became a well-known haunt of celebrities and media figures. Spencer elected to be tried by a jury and he was bailed ahead of a plea and trial preparation hearing at Southwark Crown Court on 14 July Spencer, who lives in Suffolk with his family, was suspended from the Conservatives following the news of the charges. He is now listed as an independent on the UK Parliament website. He made his maiden speech in the Commons in July last year during a debate on the MPs' code of conduct relating to second jobs, during which he said the 'most important thing to the people across my constituency' was 'restoring a sense of moral probity and public spiritedness to our political system'. Spencer made an application to have his home address withheld from the court which Chief Magistrate Paul Goldspring granted. MPs face being barred from attending Parliament if they are arrested for serious sexual or violent offences after changes last year.
Time of India
10-05-2025
- Business
- Time of India
Sonowal reviews key maritime projects to ensure normal cargo movement
Union Minister Sarbananda Sonowal on Friday conducted a comprehensive review of key maritime projects to ensure normal cargo movement . Considering the ongoing conflict between India and Pakistan, the Ports, Shipping and Waterways minister directed officials to ensure that the business remains normal, according to an official statement. "Sonowal also reviewed measures to be taken to ensure smooth and regular movement of cargo operations," it added. #Operation Sindoor India-Pakistan Clash Live Updates| Missiles, shelling, and attacks — here's all that's happening Pakistani Air Force jet shot down in Pathankot by Indian Air Defence: Sources India on high alert: What's shut, who's on leave, and state-wise emergency measures Major organisations under the ministry, including the Shipping Corporation of India (SCI), Jawaharlal Nehru Port Authority (JNPA), Indian Port Rail and Ropeway Corporation Ltd (IPRCL), Indian Port Global Ltd (IPGL), Directorate General of Shipping, and Mumbai Port Authority, participated in the day-long meeting. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The cost of hearing aids in Agra might surprise you! Learn More Undo In a detailed interaction with the CMD and directors of SCI, Sonowal reviewed current operations, fleet augmentation, and long-term expansion strategies aligned with the government's Vision 2047, the statement said. SCI, India's strategic national shipping line, plays a pivotal role in advancing maritime self-reliance and capacity enhancement. Live Events According to the statement, an in-depth review of the Greenfield Mega Port project at Vadhavan was held with JNPA chairman Unmesh Wagh and senior officials. The minister stressed the need to fast-track the development of the port. He also met IPGL chairman Sunil Mukundan to assess the company's global performance. Discussions also included the progress and future plans for Chabahar Port in Iran and Sittwe Port in Myanmar, key projects that aim to expand India's maritime footprint internationally, the statement noted. Secretary (Ports, Shipping and Waterways) TK Ramachandran, Joint Secretary (Ports) R Lakshmanan, were also present and participated in high-level deliberations.
Mint
05-05-2025
- Business
- Mint
How India's IPGL is flexing its port muscles abroad
State-run Indian Ports Global Ltd (IPGL) is leading a consortium to acquire and operate 20 commercial ports across Asia, Africa and India, two people aware of the matter said. The company, which operates Iran's landmark Chabahar terminal, has set its eyes on ports in Bangladesh, Sri Lanka, Africa, West and East Asia, as well as in India. IPGL, along with a group of state-run companies, has submitted its proposal to the Union shipping ministry, which has asked the Centre for Maritime Economy and Connectivity (CMEC) to examine the plan, the people cited above said on the condition of anonymity. Sunil Mukundan, managing director of IPGL, confirmed the development. 'We have proposed the operation of 20 ports across the globe and in India to the ports and shipping ministry. Further action would be made on getting directions on our proposal," he said. IPGL operates the Shahid Beheshti terminal at Chabahar Port, a strategically important gateway for trade with Afghanistan and Central Asia. The port is crucial for India's connectivity ambitions and its participation in the International North-South Transport Corridor (INSTC) that aims to reduce transit times and costs for trade with Eurasia. Also read | We are generating more cash than we know how to use: Adani Ports MD Karan Adani The IPGL consortium has not revealed its targets, but may start with terminal development work at the Mongla port at Khulna, Bangladesh's second largest and busiest port, as well as at Kankesanturai near Sri Lanka's Jaffna, the people cited earlier said. Presence at these locations, also coveted by China, aims to serve India's strategic and commercial interests along the existing trade routes between Asia-Pacific, Europe and Africa. The Indian government may directly negotiate with its foreign counterparts to advance these deals, one of the two people said. India is keen to develop the Eastern Maritime Corridor, which will link its eastern ports to the Russian port in Vladivostok, with strategic acquisitions of ports, terminals, or trans-shipment presence along the route. The IPGL plan may also include infrastructure projects in the strategic South China Sea area up to Vladivostok. Some African countries have offered India the opportunity to operate their terminals, and IPGL may evaluate some of them, the second person quoted above said. A query sent to the shipping ministry remained unanswered till press time. Read this | India to fast-track Chabahar port works in Iran 'Some Indian private groups have already been very active in acquiring international ports/terminals, and this focused initiative by IPGL will further cement India's role in international maritime trade and help create trading routes which are shielded from international geo-political risk," said Kuljit Singh, Partner and Infrastructure Leader, EY India. "India has been on good terms with most countries, and hence, getting approvals for Indian investments in global ports may not be so difficult and, in fact, such port investments can be leveraged to enhance Indian influence beyond its borders. India can also bring in international best practices for its own ports from these international investments," Singh said. IPGL has previously acquired ports in Iran, Myanmar and Sri Lanka, and has ambitions to expand into Africa as well, said Pushpank Kaushik, chief executive officer and head of business development (Subcontinent, Middle East and Southeast Asia) at Jassper Shipping, adding the latest proposal shows a clear effort to increase strategic reach and improve trade connectivity. "With more ports under its control, India's influence on trade routes and supply chain stability is expected to grow. Control over ports along important corridors like the INSTC and IMEC will help logistics to be streamlined, transit times and costs to be reduced, and supply chains to become more resilient," he added. The G20's proposed India-Middle East-Europe Economic Corridor (IMEC) includes a western maritime corridor connecting India to Europe via the Middle East, including Israel. This corridor aims to enhance trade and connectivity by improving infrastructure and reducing transit times between India and Europe. The IMEC has two main components: an Eastern Corridor connecting India to the Gulf countries and a Northern Corridor connecting the Gulf to Europe. Read this | IMEC: Only peace can pave India's trade pathway to the West via Israel Meanwhile, the INSTC is a 7,200-km multi-modal transportation route that connects the Indian Ocean and Persian Gulf to the Caspian Sea via Iran, and then to northern Europe via Russia. Established in 2000 by India, Iran, and Russia, it aims to enhance trade and connectivity among member countries. India has set up Bharat Ports Global Consortium, bringing together three state-run enterprises—IPGL, Sagarmala Development Co. Ltd (SDCL), and Indian Port Rail and Ropeway Corp. Ltd (IPRCL)—for acquiring ports, and undertaking port and terminal work overseas. While IPGL will oversee operations, IPRCL will build the actual infrastructure, and funding will be raised by SDCL. Along with global port ventures, India is also strengthening its domestic port facilities. The government has approved the ₹ 76,220 crore mega port at Vadhavan in Maharashtra, which will not only scale up country's port infrastructure but also create potential employment opportunities of 1.2 million. Another mega port is proposed at Galathea Bay in the Andaman & Nicobar Islands. This ₹ 44,000 crore project will be developed under a public-private partnership model and aims to capture transhipped cargo currently handled outside India. And read | Adani Ports' latest deal raises growth concerns—markets aren't impressed
