The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a USD 131 million (about Rs 1,066 crore) loan agreement to upgrade the Jawaharlal Nehru Port Container Terminal, Navi Mumbai, to enhance international trade in India through efficient, transparent, and state-of-the-art logistics infrastructure.
NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.
Also read | Parakram Diwas 2023: PM Modi names 21 Andaman islands, inaugurates memorial model on Netaji Jayanti
The financing package comprises USD 61.4 million from ADB's ordinary capital resources and USD 69.6 million from Leading Asia's Private Infrastructure Fund (LEAP) administered by ADB, the Manila-based multilateral lending agency said in a statement.
"The funds will be used to upgrade existing berths and yards and install additional energy efficient equipment such as electric quay cranes," it said.
ADB further said these upgrades will expand the terminal's container handling capacity and attract vessels operating on important international shipping lanes.
"Global trade and supply chains are vulnerable to shocks, and enhancing countries’ capacity for trade is critical to the region's recovery from COVID-19 and its ongoing prosperity," ADB Vice-President for Private Sector Operations and Public–Private Partnerships Ashok Lavasa said.
Lavasa added that long-term financial support from ADB can boost economic competitiveness in India by developing world-class mega ports and boosting the efficiency of containerised cargo terminal operations.
PM GatiShakti National Master Plan
The Pachora -Jamner project in Maharashtra would be 84 kilometre long. It would be developed at a cost of Rs 955 crore.
"This project will provide bypass double line railway connectivity for Jalgaon and Bhusawal. It will provide faster freight movement from JNPT (Jawaharlal Nehru Port Trust) to Nagpur and eastern region of the country," it said. All these projects have been mapped on PM GatiShakti National Master Plan.
'Through PM GatiShakti NMP, it shall be possible to implement these projects in the next five years within estimated cost," it said. The Network Planning Group comprises of head of planning divisions of the infrastructure ministries, including railways and road.
(Edited by : Soham Shetty)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM