JN port clears PSA's price bid for new terminal.

The trust that runs the Union government-owned Jawaharlal Nehru port near Mumbai recently approved the highest price bid placed by Singapore's PSA International Pte Ltd. for building a Rs. 8,000 crore container loading facility at the port that handles more than half of India's container volumes.

The price bid by PSA Bharat Investments Pte. Ltd., a wholly- owned company formed by PSA International, was approved by the board of trustees of JN port recently, at least two trustees who attended the meeting said on condition of anonymity.

A spokesman for Jawaharlal Nehru port confirmed the decision taken by the board of trustees.

Last week, PSA emerged as the highest bidder for the project by quoting the highest revenue share price bid of 35.79%.

Ports contracts at union government-controlled ports are decided on the basis of revenue share-the bidder willing to share the most from its annual revenue with the government-owned port gets the contract, according to the port privatization policy of the government.

'JN port will now issue a letter of award to PSA for the project,' one of the two trustees cited above said on condition of anonymity because he is not authorized to speak to the media.

LIVEMINT