NEWS
Banks   Transportation  

Iranian Bank to Open Branch in Mumbai Soon: Indian Minister

India’s Road, Transport and Highways Minister Nitin Gadkari said on Tuesday that his country has allowed an Iranian bank to open a branch in Mumbai in a bid to facilitate bilateral trade between the two countries.

According to Tasnim dispatches, Gadkari said his meeting earlier in the day with visiting Iranian Foreign Minister Mohammad Javad Zarif was very good.

The Indian government has allowed an Iranian bank to open a branch in Mumbai within the next three months to facilitate financial exchanges between Tehran and New Delhi, he said.

“We had detailed discussions... Our meeting was very fruitful and we have resolved a lot of issues,” the Indian minister said.

He further pointed to India’s cooperation with Iran in the southeastern Iranian port of Chabahar and expressed confidence that the port will reach its full function soon. 

Heading a diplomatic and economic delegation, Zarif arrived in India on Monday evening for a three-day visit.

India Ports Global and Aria Banader Iranian Port signed a deal in May 2016 to equip and operate containers and multi-purpose terminals at Shahid Beheshti port in Chabahar with the capital investment of $85.21 million and annual revenue expenditure of $ 22.95 million on a 10-year lease.

Chabahar is the closest and best access point of Iran to the Indian Ocean and Iran has devised serious plans to turn it into a transit hub for immediate access to markets in the northern part of the Indian Ocean and Central Asia.

It aims to create a reliable transport corridor for the smooth transport and transit of goods and services through Chabahar Port between Afghanistan, India, and Iran.

News No: 3207
Date: 2019/01/09 - 06:48
News Source: Tasnim News Agency

Mumbai  Nitin Gadkari  trade  Mohammad Javad Zarif  transport 

Comments:

Leave a Comment:

   
   
   
 

UK Crude Loadings Continue to Fall

The UK’s crude oil loadings remained below 800,000 barrels per day for the third month in a row in February, while authorities expect Britain’s crude production to decline through at least 2024, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime and Trade at IHS Markit, said.
 

Indian Domestic HRC Trades Slow down; Automobile Sales Disappoint

This week Indian HRC prices witnessed slight increase in traders market after announcement of sharp price hike by INR 1000-1500/MT by major Indian steel mills last week for March deliveries.However dull trades restricted surge in prices in trade segment this week.
 

Iran: Domestic Billet Offer Rises Over Limited Supply

Iran domestic billet offers reportedly increased last week over the limited supply and increase in demand from the re-rollers. During last week, the billet offers almost reached USD 500/MT.
 

Pakistan: Imported Scrap Offers Inch Up; Limited Trades Reported

SteelMint learned in recent conversation with participants that imported scrap offers to Pakistan have moved up USD 5-10/MT W-o-W as suppliers slowly turning resistive to low offers
 

India: Domestic Pellet Offers Range Bound Amid Limited Trades

Indian pellet offers have remained unmoved this week against the previous week’s offer amid low trades and limited inquiries.
 

SE Asia: Imported Scrap Market Observes Limited Trades

SteelMint learned from market participants that imported scrap trades in SE Asia remained limited on high offers and availability of stocks in hand. Most of the steel mills likely to wait for the next couple of weeks to start end-April & May delivery shipments.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners