Latest news with #India-MiddleEast-EuropeCorridor
Time of India
19-06-2025
- Business
- Time of India
Maritime boost: India's largest port project eyes raising $ 3.5 billion debt; Vadhvan gears up for global trade role
In a major push for India's port and maritime sector, Vadhvan Port Project Ltd, the firm behind what is set to become the country's largest port—is gearing up to raise up to Rs 300 billion (approximately $3.5 billion) in debt, presenting lenders with a rare long-term investment opportunity. The Vadhvan Port Project Ltd, located just north of Mumbai, is being steered by the Jawaharlal Nehru Port Authority (JNPA), which holds a 74% stake, alongside the Maharashtra Maritime Board (MMB), which owns the remaining 26%, Bloomberg reported. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman of JNPA and managing director of Vadhvan Port Project Ltd. The proposed borrowings will span tenors of 15 to 20 years, and the firm is considering both onshore and offshore markets for raising funds. The $9 billion mega-port, for which Prime Minister Modi laid the foundation stone last year, is expected to be completed by the end of the decade. Once operational, it will have the capacity to handle 23 million container units annually, making it one of the world's ten largest ports, project backers claim. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kanada'daki 350.000 yeni nitelikli göçmenden biri olun Canada Immigration Express Şimdi başvur Undo For the first phase of funding, IDBI Capital has been appointed as an advisor to help line up long-term lenders, with a target of at least ₹220 billion. A request for proposals is expected to be floated between October and December this year. The funds will be disbursed over the next five years. In addition to the debt, JNPA and MMB will inject approximately Rs130 billion in equity. The project team is also engaging with multilateral agencies and has begun work on reclaiming 1,200 hectares of land. With a natural draft of 20 metres, Vadhvan Port will be capable of hosting the world's largest container ships — a key shortcoming of India's current port infrastructure that has forced some vessels to bypass the country entirely. Vadhvan is also expected to play a pivotal role in the proposed India-Middle East-Europe Corridor, a strategic economic initiative to create a robust trade link connecting Asia, the Gulf and Europe. The port's development aligns with the Modi government's broader push to strengthen maritime infrastructure. In February's budget, the Centre proposed a dedicated Maritime Development Fund aimed at supporting the sector with financial assistance through equity or debt instruments. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
19-06-2025
- Business
- Economic Times
India's largest port in the making to raise Rs 30,000 crore debt
AP This is a representative image. The firm building what will become the largest port in India plans to raise as much as 300 billion rupees ($3.5 billion) of debt, giving lenders an opportunity to invest in one of the cornerstones of Prime Minister Narendra Modi's infrastructure overhaul. Owners of the Vadhvan Port Project Ltd., located a few hours north of Mumbai, are looking to raise debt with tenors in the range of 15 to 20 years. They're considering onshore and offshore markets to raise the funds, according to a top official. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman at Jawaharlal Nehru Port Authority, or JNPA, which holds a 74% stake. The Maharashtra Maritime Board owns the remaining 26%. The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port's foundation stone last year. Upon completion, which is expected toward the end of the decade, Vadhvan will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world, according to its backers. IDBI Capital was appointed as advisor to help lineup long term lenders for the first round of funding, with a target of at least 220 billion rupees, Wagh said. The funds will be disbursed over the next five years, and the request for proposals from lenders will be floated during the October to December quarter. JNPA and MMB will jointly infuse about 130 billion rupees worth of equity into the project, said Wagh, who is also chairman and managing director of Vadhvan Port Project. The firm is in talks with multilateral agencies, and is working on reclaiming 1,200 hectares of land, he added. Bolstering the country's maritime infrastructure is a priority for Modi's administration. Through the country's annual budget in February, the government proposed a Maritime Development Fund to support the sector through financial assistance via equity or debt securities. Some of the largest container ships have been forced to skip India because none of its existing ports are deep enough to receive them. Vadhvan's natural depth of 20 meters would allow some of the largest ships to dock. It would also serve as a starting point for the so-called India-Middle East-Europe Corridor, a planned economic link aimed at developing new trade routes between the regions.
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Business Standard
19-06-2025
- Business
- Business Standard
India's largest port builder to raise ₹30,000 cr for Vadhvan project
The firm building what will become the largest port in India plans to raise as much as ₹30,000 crore ($3.5 billion) of debt, giving lenders an opportunity to invest in one of the cornerstones of Prime Minister Narendra Modi's infrastructure overhaul. Owners of the Vadhvan Port Project Ltd., located a few hours north of Mumbai, are looking to raise debt with tenors in the range of 15 to 20 years. They're considering onshore and offshore markets to raise the funds, according to a top official. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman at Jawaharlal Nehru Port Authority, or JNPA, which holds a 74 per cent stake. The Maharashtra Maritime Board owns the remaining 26 per cent. The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port's foundation stone last year. Upon completion, which is expected toward the end of the decade, Vadhvan will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world, according to its backers. IDBI Capital was appointed as advisor to help lineup long term lenders for the first round of funding, with a target of at least ₹22,000 crore, Wagh said. The funds will be disbursed over the next five years, and the request for proposals from lenders will be floated during the October to December quarter. JNPA and MMB will jointly infuse about ₹13,000 crore worth of equity into the project, said Wagh, who is also chairman and managing director of Vadhvan Port Project. The firm is in talks with multilateral agencies, and is working on reclaiming 1,200 hectares of land, he added. Bolstering the country's maritime infrastructure is a priority for Modi's administration. Through the country's annual budget in February, the government proposed a Maritime Development Fund to support the sector through financial assistance via equity or debt securities. Some of the largest container ships have been forced to skip India because none of its existing ports are deep enough to receive them. Vadhvan's natural depth of 20 meters would allow some of the largest ships to dock. It would also serve as a starting point for the so-called India-Middle East-Europe Corridor, a planned economic link aimed at developing new trade routes between the regions.
Time of India
19-06-2025
- Business
- Time of India
India's largest port in the making to raise Rs 30,000 crore debt
The firm building what will become the largest port in India plans to raise as much as 300 billion rupees ($3.5 billion) of debt, giving lenders an opportunity to invest in one of the cornerstones of Prime Minister Narendra Modi's infrastructure overhaul. Owners of the Vadhvan Port Project Ltd., located a few hours north of Mumbai, are looking to raise debt with tenors in the range of 15 to 20 years. They're considering onshore and offshore markets to raise the funds, according to a top official. 'We have started the process of raising debt which will happen in two phases,' said Unmesh Sharad Wagh, chairman at Jawaharlal Nehru Port Authority , or JNPA, which holds a 74% stake. The Maharashtra Maritime Board owns the remaining 26%. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Audiologists Furious About New £80 Device That Makes Hearing Crystal Clear Again Top Trending News Today Learn More Undo The $9 billion port project is a major undertaking for Prime Minister Narendra Modi, who laid the port's foundation stone last year. Upon completion, which is expected toward the end of the decade, Vadhvan will have the capacity to handle some 23 million container units, making it one of the 10 largest ports in the world, according to its backers. IDBI Capital was appointed as advisor to help lineup long term lenders for the first round of funding, with a target of at least 220 billion rupees, Wagh said. The funds will be disbursed over the next five years, and the request for proposals from lenders will be floated during the October to December quarter. Live Events JNPA and MMB will jointly infuse about 130 billion rupees worth of equity into the project, said Wagh, who is also chairman and managing director of Vadhvan Port Project. The firm is in talks with multilateral agencies, and is working on reclaiming 1,200 hectares of land, he added. Bolstering the country's maritime infrastructure is a priority for Modi's administration. Through the country's annual budget in February, the government proposed a Maritime Development Fund to support the sector through financial assistance via equity or debt securities. Some of the largest container ships have been forced to skip India because none of its existing ports are deep enough to receive them. Vadhvan's natural depth of 20 meters would allow some of the largest ships to dock. It would also serve as a starting point for the so-called India-Middle East-Europe Corridor , a planned economic link aimed at developing new trade routes between the regions.
Yahoo
16-06-2025
- Business
- Yahoo
India expects EU trade deal by year end as Cyprus pledges support
NICOSIA (Reuters) -India expects to finalise a free trade agreement with the European Union by the end of this year, Prime Minister Narendra Modi said on Monday, while Cyprus, which assumes the EU presidency in 2026, said better ties would be its priority. Modi, on an official visit to the east Mediterranean island, said there were unlimited possibilities in expanding economic ties with Cyprus in a visit aimed at pushing forward India's global trade agenda. "We are working on finalising a mutually beneficial India-EU trade agreement by the end of this year," Modi said in joint remarks with Cypriot President Nikos Christodoulides. India is pursuing a trade link by sea and rail known as the India-Middle East-Europe Corridor, but the visit is being held in the shadow of an escalating crisis in the Middle East."We agree the India - Middle East Europe Corridor will pave the way for peace and prosperity in the region," Modi said. Cyprus, which has close relations with India through its shared membership of the Commonwealth, is offering facilities to be a first point of entry to Europe and a transhipment hub, Christodoulides said. "A strengthening of EU-India relations will be among the priorities of the Cypriot EU presidency," Christodoulides said. Cyprus assumes the rotating six-month presidency of the bloc in early 2026.
