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Thursday, 16 April 2015

JNPT plans $480m expansion with support from DP World

India’s Jawaharlal Nehru Port Trust (JNPT) has announced plans to raise a reported $480 million in foreign loan capital to fund expansion of a six-lane shipping corridor over the next two years.

The plans aim to double capacity of the key evacuation corridor  at the port to 12 lanes and dredge the channel to 15 metres to allow access for larger ships, according to reports from India’s Financial Chronicle.

“We are looking at foreign loans since we have a natural hedge in terms of dollar income and the rates are almost seven per cent lower than the domestic rate. This would be a huge saving on our investments,” Neeraj Bansal, deputy chairman of JNPT said.

The work is expected to increase capacity at the port by 5.8 million TEU and will be tied to expansion work at the port’s terminals by operators DP World and PSA. The former is also expected to be closely involved in the channel deepening project as it progresses on its own terminal  expansion at the port.

“We expect DP World to start partial commissioning by May 15, 2015 which would add around 400,000-teu to our total capacity of 4.5-million TEU,” Bansal said, adding that a total of 800,000 TEU capacity will be added by the time the project is complete at the end of 2016.

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