India: Ennore Port Plans to Issue Tax-Free Bonds

Ennore Port Ltd has announced plan to raise around Rs 1,000 crore through its tax-free bonds.

The proposed plan should provide the additional funding for the implementation of some very important development projects.

“We are ready for the issue (of tax free bonds), the ministry (Union Ministry of Shipping) has sent the proposal to the finance ministry and is awaiting its nod,” stated S Velumani, the chairman and managing director of Ennore Port Ltd.

According to business-standard.com, Velumani added that these expansion and infrastructure development projects, such as LNG terminal, car terminal, dredging and others, would help the Ennore port increase its cargo handling capacity to 90 million tonnes by 2020.

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Dredging Today Staff, October 18, 2012