JNPT raises $400 million dollar-denominated loan, other ports may follow suit

JNPT raises $400 million dollar-denominated loan, other ports may follow suit

MUMBAI: The country’s container that is largest handling port Jawaharlal Nehru Port Trust has signed an understanding to boost a dollar-denominated loan of $400 million, or around Rs 2,660 crore, at near to a tenth of prevailing domestic borrowing rates.

This is actually the very first dollar-denominated loan for JNPT this is certainly also referred to as Nhava Sheva.

“The contract ended up being finalized night that is last. The mortgage is raised at 2.36per cent price when compared with 12% that is the prevailing domestic rate,” shipping minister Nitin Gadkari told ET during the ongoing Maritime Asia Summit right right here on Friday.

“This ended up being my brainchild. ICICI Bank had been lending at 12percent. I stated why? Raise dollar loans. Now viability for the project will not be problem,” the minister stated. (suite…)

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