Business Daily from THE HINDU group of publications
Tuesday, Oct 23, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 23, 2007 ePaper | Mobile/PDA Version |
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Logistics
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IPOs Industry & Economy - Infrastructure States - Gujarat Adanis’ Mundra Port IPO may raise Rs 1,500 cr Virendra Pandit Mundra (Gujarat), Oct 22 The Adani Group-promoted Mundra Port and Special Economic Zone Ltd (MPSEZL), currently developing the country’s largest privately-run, multi-commodity hub here, plans to raise Rs 1,500 crore for a modern infrastructure behemoth in 13,000 hectares of what was till recently a vast patch of arid land. In the first phase, it would develop 3,500 hectares at a cost of Rs 3,000 crore. The company has already acquired 2,400 hectares for this phase. The IPO, comprising a public issue of 4,02,50,000 equity shares of Rs 10 each, is likely to hit the market next week, sources said. FinancingMPSEZL is raising funds to part-finance development of the existing Mundra Port and give a fillip to the related activities, including the adjoining SEZ where a private broad-gauge railway line and an aerodrome are already operational. Rs 700 crore from the funds thus raised would be utilised to part finance construction and development of basic infrastructure and amenities in the proposed SEZ, besides the development of south basin terminal for imported coal and other cargo at the Mundra port, Mr Ameet Desai, Executive Director and CFO of MPSEZL, told a group of reporters. The balance proceeds would be utilised in related projects, such as those of the Adani Petronet (Dahej) Port Private Ltd, Adani Logistics Ltd, and also as an investment in the Inland Container Private Ltd. The Mundra port, which handled about 20 million tonnes of cargo in 2006-07, has a capacity to manage 50 mt. With the Tatas’ ultra-mega power project (UMPP) of 4,000 megawatt coming up nearby, and the Adanis’s own 2,640 megawatt thermal power plant taking shape in the vicinity, both based on imported coal from Indonesia and elsewhere, the cargo handling is likely to quadruple by 2012. More Stories on : IPOs | Infrastructure | Shipping | Gujarat
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