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

21. Februar 2020

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

Here is the first dollar-denominated loan for JNPT this is certainly also called Nhava Sheva.

“The contract ended up being finalized yesterday evening. The mortgage is raised at 2.36% price when compared with 12% that is the prevailing domestic rate,” delivery minister Nitin Gadkari told ET during the ongoing Maritime India Summit right here on Friday.

“This was my brainchild. ICICI Bank had been lending at 12percent. We stated why? Raise dollar loans. Now viability regarding the task defintely won’t be a nagging problem,” the minister stated.

Industry experts stated this can result in other major ports also using the outside borrowing that is commercial route since this works down cheaper regardless of the proven fact that the rupee happens to be dropping against US dollar.

“This is a evidence of concept that can easily be implemented because of the ministry of shipping in six other major ports with surplus dollar profits towards increasing cheaper funding in buck terms,” said Vinod Bahety, senior president for business finance at Yes Bank.

JNPT deputy president Neeraj Bansal stated the slot shall raise $300 million from State Bank of India while the sleep from DBS Bank. “DBS and SBI had both come up with really attractive prices with a few decimal points well well worth of huge huge difference. Therefore we provided the mandate to both,” he told ET.

JNPT managed 4.49 million TEUs (twenty foot comparable devices) of container cargo in 2015-16 and is designed to measure this as much as 10 million TEUs by 2020-21.
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