Major ports push Rs.50,000-cr expansion

    Major Ports
    Catering to the emerging requirement in the sector, country's 12 major ports have decided to generate a staggering sum of Rs.50,000 crore, Union Minister Nitin Gadkari said, elaborating that JNPT has already raised $400 million foreign denominated loan and Kamrajar port is currently in the process of generating $100 million and also another Kandla Port Trust is planning to raise $150 million through external commercial borrowing (ECB). This is for the first time that the Centre-owned major ports are raising foreign denominated loans; as the practice has been followed only by private players up till now. Major ports and entities like Shipping Corporation and Dredging Corporation taking loan in US dollar at a very low interest rate of 2 percent as the mode of financing at low-interest rates and natural hedging is being followed to build necessary infrastructure across ports. Country’s major ports included Kandla, Mumbai, JNPT, Marmugao, New Mangalore, Cochin, Chennai, Ennore, V O Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia) which handle approximately 61% of the country's total cargo traffic. Due to recent aggressive policy initiatives and a slew of innovative steps, the major ports surpassed private players by handling a record of 673.43 million tons of cargo in the just conclude financial year.
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