India: Ennore Port to Raise Funds for Dredging through Tax-Free Bonds
The Ennore Port Ltd (EPL) will come out with a 10-year tax-free bond to raise about Rs.1,000 crore to meet its major ongoing projects, according to thehindu.com.
S. Velumani, EPL’s Chairman-cum-Managing Director, stated that the raised amount would be used to fund the ongoing capital dredging work of Rs.400 crore, rail and road connectivity of Rs.150 crore, setting up third coal berth for TNEB at Rs.150 crore and for acquiring 750 acres of land from Salt department costing Rs.300 crore.
“We are seeking land from the Salt Department to meet future expansion needs of the port by building supporting infrastructural facilities for port users, customs and immigration authorities,” concluded Velumani.
Dredging Today Staff, November 29, 2012