Nhava Sheva Freeport Terminal Private Limited (NSFTPL) and Asian Development Bank (ADB) signed a US$131 million loan in order to upgrade the Jawaharlal Nehru Port Container Terminal (JNPCT) in Nhava Sheva, India.
The financing package consists of US$61.4 million from ADB’s ordinary capital resources and US$69.6 million from Leading Asia’s Private Infrastructure Fund (LEAP) administered by ADB.
NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.
The funds will be used for the upgrade of existing berths and yards and for the installation of additional energy-efficient equipment, such as electric quay cranes.
According to ADB, these upgrades will expand the terminal’s container handling capacity and "attract vessels operating on important international shipping lanes".
ADB vice-president for Private Sector Operations and Public–Private Partnerships Ashok Lavasa, commented, "Long-term financial support from ADB can boost economic competitiveness in India by developing world-class mega ports and boosting the efficiency of containerized cargo terminal operations."