India and Iran on Monday signed a 10-year contract to develop and equip the strategic Chabahar port in Iran as India seeks to grow trade in west and central Asia.
The agreement will give India 10-year access to use the port, located close to Iran's southeastern border with Pakistan, according to Iran's Ministry of Roads and Urban Development.
The contract will in turn see India Ports Global Limited (IPGL) invest $370 million into "providing strategic equipment" and "developing the transport infrastructure of the port."