Iran's Chabahar has investment potential of Rs 1.3 lakh crore for India

NEW DELHI: Indian entities -both in private and public sectors -have projected investment worth $22 billion (nearly Rs 1.3 lakh crore) in Iran's Chabahar free trade zone area.

Chemicals, petrochemicals, steel and fertilizer are some of the major sectors, besides Indian railways, that have estimated huge potential investments. Soon after moving ahead with the proposal to go ahead with the MoU on Chabahar after coming to power, the Centre had prepared a report on the "port-led industrialisation and opportunities in Chabahar" last year detailing the projects.

Nitin Gadkari has claimed that investment of over Rs 1 lakh crore can happen there. According to the report, maximum investment of at least Rs 1.17 lakh crore would be in the chemical and petrochemical sectors, followed by nearly Rs 7,000 crore in the fertiliser sector. A consortium of Rashtriya Chemicals and Fertilizer, Gujarat State Fertilizers & Chemicals and Gujarat Narmada Valley Fertilizer & Chemicals are keen to set up an ammonia urea plant there. Plans are afoot to build a 0.5 million tonne aluminium smelter plant as well.