Iran, India in consultation over joint venture

The International North-South Transport Corridor (INSTC) was established in 2000 by Iran, Russia and India in order to promote transportation cooperation among the members. Later Azerbaijan, Armenia, Kazakhstan, Kyrgyz, Tajikistan, Turkey, Ukraine, Belarus, Oman, Syria and Bulgaria joined the corridor. The corridor joins Indian Ocean and Persian Gulf to the Caspian Sea through Iran and then reaches to St. Petersburg and North Europe via Russia. Managing-Director of the Islamic Republic of Iran Railways Abdulali Saheb-Mohammadi said on Friday that Indian companies have indicated their willingness to help Iran construct North-South Corridor. \"We have had negotiations with the Indian side so that they can be involved in building the corridor and Iran has also announced readiness to cooperate with them,\" Saheb-Mohammadi said. \"Iran and India have common interest in the corridor and we are currently engaged in negotiations in this regard, but have not reached a final conclusion yet.\" He reiterated that India is interested in taking part in the project and operations will begin after negotiations reach a final conclusion.