Indian Shipping Minister Nitin Gadkari on Wednesday said that Chabahar Port was very important for both India and Iran, and offered a win-win situation to both countries.

He said the port would be a growth engine for India as it opened up an alternate route for exports to Afghanistan and Russia.

"It would also open up business opportunities for investors of both India and Iran to invest in each other's country," he said.

Gadkari also said that the two countries have sorted out all issues pertaining to the Chabahar Port in their discussions.

His remarks came after he held bilateral talks with Iranian Roads and Urban Development Minister Abbas Akhoundi here.

The talks were preceded by an Indo-Iran Joint Business Seminar attended by officials and nearly a hundred delegates from the public and private sector and various trade bodies from both countries.

The seminar focussed on Chabahar Port, opportunities in Free Zone and Transit Corridors.

Gadkari said the Indo-Iran Joint Business Seminar was a fruitful exercise for exploring business opportunities in the two countries. He expressed confidence that the meeting would help to further strengthen the good relations between the two countries.

Akhoundi spoke of various infrastructure projects in Iran and highlighted the investor friendly business environment, particularly in the transportation and logistics sector.

The meeting closed with an insightful open house session in which relevant questions were posed and discussed with stakeholders and potential investors.

The Union minister for transport and shipping Nitin Gadkari and Maharashtra Chief Minister Devendra Fadnavis on Thursday laid the foundation stone for an international cruise terminal at Ballard Pier, Mumbai.

The Mumbai Port Trust (MbPT) will handle the modernization and expansion of the terminal. At an estimated cost of Rupees 197 crores. “The revamp is aimed to transform Mumbai into an international cruise destination. The new terminal will have all facilities that passengers get at the airports,”said official.

Close to 4 million passengers are expected to visit India in the coming years, and 3 million passengers are expected to take cruises from the Mumbai Port. Sanjay Bhatia, chairman, MbPT, said, “The project will be undertaken in two phases, wherein by the end of this year, we will be able to cater to two lakh passengers. Post the completion by the end of 2019, the new terminal will cater to more than seven lakh passengers, with facilities on a par with international standards.”