INDIA has started the process of raising INR30,000 crore (US$3.5 billion) in debt to fund the construction of the country's biggest port, Vadhvan Port, located just a few hours north of Mumbai.
The project is being carried out by Vadhvan Port Project Ltd, which is jointly owned by the Jawaharlal Nehru Port Authority (JNPA) and the Maharashtra Maritime Board (MMB).
JNPA holds a 74 per cent stake, while MMB owns the remaining 26 per cent, according to Marine Insight, Bangalore, India.
According to the JNPA chairman and managing director of the project, Unmesh Sharad Wagh, the debt will be raised in two phases and will have repayment periods ranging from 15 to 20 years. The funding will be sourced from both domestic and international lenders.
The total cost of the Vadhvan Port Project is estimated at INR78,057 crore. The foundation stone for the port was laid last year by Prime Minister Narendra Modi.
Once fully operational, the port is expected to handle around 23 million TEU annually, placing it among the world's top ten container ports.
IDBI Capital has been appointed as the financial advisor for the first phase to begin the fundraising process.
https://www.shippingazette.com/news?news_id=9250600000744
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