Public works financier Infrastructure Development Finance Company (IDFC) has agreed to lend US$209 million to Gujarat Pipavav Port (GPPL), the developer and operator of Pipavav port on the western coast, Mint reported.
IDFC has also agreed to help GPPL raise a 41.8 million syndicated loan, the port company said.
GPPL will use the money to refinance an existing loan and fund expansion that is under way, according to draft documents GPPL filed with the market regulator, the Securities and Exchange Board of India for a proposed initial public offering of shares.
GPPL is 54.8 percent owned by APM Terminals Management, the world's third biggest container port operator and a unit of Danish shipping and oil conglomerate AP Moller-Maersk Group.
APM Terminals holds the rights to develop and operate the port for 30 years beginning September 1998. It acquired control of Pipavav port from the original promoter, SKIL Infrastructure, in April 2005.
IDFC has also agreed to help GPPL raise a 41.8 million syndicated loan, the port company said.
GPPL will use the money to refinance an existing loan and fund expansion that is under way, according to draft documents GPPL filed with the market regulator, the Securities and Exchange Board of India for a proposed initial public offering of shares.
GPPL is 54.8 percent owned by APM Terminals Management, the world's third biggest container port operator and a unit of Danish shipping and oil conglomerate AP Moller-Maersk Group.
APM Terminals holds the rights to develop and operate the port for 30 years beginning September 1998. It acquired control of Pipavav port from the original promoter, SKIL Infrastructure, in April 2005.