The Ennore Port and JN Port are likely to mobilise Rs 1,000 crore each through tax-free bonds in the current fiscal. The funds will be used for dredging operations.
The Shipping Ministry has sent this proposal to the Finance Ministry for approval. The coupon rate for the bonds will be decided by the Finance Ministry.
The Union Budget this year allocated tax free bonds of Rs 5,000 crore for ports sector. The Shipping Secretary, Mr K. Mohandas, said that the remaining Rs 3,000 crore could be raised by Indian Ports Global – an agency that would invest in port projects.
He told this to reporters on the sidelines of a conference held here to unveil the logo of a maritime event in January 2012. On the disinvestment plans of Cochin Shipyard Ltd and Dredging Corporation, Mr Mohandas said the disinvestment plans for these two entities have been put off for the current year.
The Shipping Ministry has set a target to award 23 port development projects in the current fiscal requiring an investment of about Rs 17,000 crore. “By September, eight projects are likely to be awarded,” Mr Mohandas said.