"India Ports Global Chabahar Free Zone" (IPGCFZ), Indian SPV at Chabahar was incorporated in Iran in June 2018. Its office at Chabahar was inaugurated on 24th December 2018. The physical take-over of the terminal area, cargo handling equipment and Office building was completed by 29th December 2018. IPGCFZ commenced its first cargo operation in Iran on 30th December 2018.