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

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

MUMBAI: The spotloan reviews country’s largest container handling port Jawaharlal Nehru Port Trust has finalized an agreement 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.

Here is the very first loan that is dollar-denominated JNPT that is also referred to as Nhava Sheva.

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

“This ended up being my brainchild. ICICI Bank was lending at 12percent. We said why? Raise dollar loans. Now viability regarding the task will not be problem,” the minister stated.

Skillfully developed stated this may result in other major ports also using the external borrowing that is commercial route as this would work away cheaper regardless of the undeniable fact that the rupee happens to be falling against US buck. Leggi tutto “JNPT raises $400 million loan that is dollar-denominated other ports may follow suit”