Paradip Port Trust (PPT) has signed a concession agreement with Paradip International Cargo Terminal (PICT) for construction of a Rs 430 crore berth for container traffic and clean cargo handling. According to a PPT official, a special purpose vehicle was set up to execute the project and a multipurpose berth would be set up through public-private partnership basis. PICT became the operator of this proposed terminal after being selected through a competitive bidding process. The concessionaire would be responsible for financing, designing, construction, commissioning of the project along with operation, management and maintenance under the concession agreement. On completion of construction, five million tonne of cargo per annum would be added to the capacity of the port.