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JNPT Ennore Port and DCI jointly raise INR 3,500 crore via tax free infra bonds
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Tuesday, 25 Dec 2012
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Business Line reported that the Jawaharlal Nehru Port Trust, Ennore Port and Dredging Corporation of India will together raise around INR 3,500 crore through tax free infrastructure bonds.

Mr PK Sinha Union Shipping Secretary said that “They should issue the bonds early next year.”

While JNPT will issue the bonds for INR 2,000 crore to finance its dredging work, the Ennore Port Ltd will raise INR 1,000 crore for infrastructure augmentation. This includes deepening the channel and berths, construct new berths and build road and rail connectivity. The DCI will raise INR 500 crore to procure a new dredger.

Mr Sinha said that in the previous budget, the Government had allocated INR 5,000 crore to the shipping sector for issuing tax free infrastructure bonds. Of this, only INR 3,500 will be required.

He said that EPL will also use the funds to procure nearly 700 acres of salt pans near the port at a cost of around INR 400 crore. The land will be used for port based industrial development.

Mr MA Bhaskarachar deputy chairman of Kandla Port Trust said that EPL has decided to issue a fresh tender for the container terminal project. It will invite suggestions from prospective bidders to understand their requirements before issuing the tender.

Source - Business Line

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