The proposal will now be forwarded to the Centre for approval, a CPT release said. The CPT board nod was received after its meeting in Kochi on Thursday.

The Build, Operate and Transfer contract for establishing the ICTT envisaged taking up construction of the project, after achieving a traffic of 4 lakh TEUs per annum at the present Rajiv Gandhi Container Terminal, which would be handed over to them until the operations are shifted to the new terminal.

The cabinet committee on economic affairs, while giving approval for the acceptance of DPI's bid, had desired for a time-bound establishment of the terminal and had accordingly asked the CPT for informing the action plan for achieving the threshold traffic of 4 lakh TEUs per annum.

The DPT recently furnished a revised proposal for time-bound shifting to Vallarpadam within four years, provided the CPT extended certain concessions and facilitation for supporting the cash flow required for early investment at the new terminal and for rapid building up of traffic at RGCT.