Archive for the ‘Moneylion Support’ Category

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

Friday, February 21st, 2020

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

MUMBAI: The country’s container that is largest handling port Jawaharlal Nehru Port Trust has finalized an understanding to increase a dollar-denominated loan of $400 million, or about Rs 2,660 crore, at near to a tenth of prevailing domestic borrowing prices.

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

“The agreement was signed night that is last. The mortgage is raised at 2.36% price when compared with 12% that is the prevailing domestic rate,” delivery minister Nitin Gadkari told ET in the ongoing Maritime Asia Summit here on Friday.

“This ended up being my brainchild. ICICI Bank had been lending at 12percent. We said why? Raise dollar loans. Now viability associated with task won’t be problem,” the minister said.

Skillfully developed stated this can result in other major ports additionally using the external borrowing that is commercial route as this would work down cheaper regardless of the proven fact that the rupee happens to be dropping against US dollar. (more…)