India: Ennore Port Plans to Raise Money Via Tax-Free Bonds

The Business Standard reports that Ennore Port Ltd is planning to raise around Rs 1,000 crore through tax-free bonds to support its expansion and infrastructure development.

“We had approached the shipping ministry to raise the money through tax-free bonds and it, in turn, had asked the finance ministry’s nod and the Central Board of Direct Taxes,” stated S Velumani, Ennore Port chairman and managing director.

The port has lined up 14 projects worth Rs 6,466 crore. These include three dredging projects, seven terminals and four connectivity rail and road projects.

Ennore is situated on the Coromandal Coast about 24km north of Chennai Port along the coast line, in the State of Tamil Nadu, India. It is the 12the Major Port in India and the first Corporatised Major Port in India.

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Dredging Today Staff, February 29, 2012