Business Daily from THE HINDU group of publications
Thursday, Nov 09, 2006
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Business Daily from THE HINDU group of publications Thursday, Nov 09, 2006 ePaper |
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Announcements Logistics - Shipping Marg Cons raises Rs 302 cr for port project Our Bureau
Chennai , Nov. 8 Marg Constructions has raised Rs 302 crore of debt from a consortium comprising five banks and a financial institution. The funds would be used for the company's Karaikal port project. Indian Bank leads the consortium of lenders, which comprises Oriental Bank of Commerce, State Bank of Hyderabad, Corporation Bank, Allahabad Bank and India Infrastructure Finance Company. With this, the company is ready to commence work on the project. "Work on the project will commence immediately," Mr B.G. Menon, CEO (Infrastructure), Marg Constructions, told Business Line on Wednesday. The port will be built to be a deep-water, all-weather port for handling bulk dry cargo, Mr Menon said. When completed (in two years from commencement of work) the port will be the first on the East coast of India to be operated by the private sector and the only port between major ports Chennai and Tuticorin — ships can pickup or offload cargo at Karaikal between Chennai and Tuticorin. A special purpose vehicle (SPV) called Karaikal Port Pvt Ltd, which is wholly owned by Marg Constructions, is putting up the project. The SPV will invest Rs 416 crore in the phase-I of the project (for which the Rs 302-crore debt has been raised). At the end of phase-I, the port will be capable of handling 4 million tonnes of cargo, Mr Menon said.
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