The Finance Ministry has given its nod to three Shipping Ministry-controlled entities, Jawaharlal Nehru Port Trust (JNPT), Dredging Corporation of India (DCI) and Ennore Port, to collectively raise Rs 3,500 crore from tax-free bonds, reports indiatimes.com.
Regarding this issue, P K Sinha, the Shipping Secretary stated: “ For the first time, the Finance Ministry has approved selling bonds by our organisations.”
The Jawaharlal Nehru Port Trust (JNPT), the country’s largest container port, will be raising Rs 2,000 crore for its expansion plan, while DCI will net Rs 500 crore to purchase a dredger.
Ennore Port will raise Rs 1,000 crore for its expansion activities, Sinha said.
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Dredging Today Staff, January 9, 2013; Image: dredge-india