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Dollar-earning ports have potential of international borrowing

Fiinews by Fiinews
April 25, 2017
in Contract, Economy, Infrastructure, Projects, Technology
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NHAI launches masala bond roadshow

Gadkari speaking at the launch of NHAI masala bonds in Singapore on 24 April 2017.
India has the potential of raising dollar-based funds from international markets based on dollar earnings of port sector, Minister of road transport and highways, Nitin Gadkari, said in Singapore on 24 April 2017.

“Today we have potential in ports sector, we have turnover of Rs.5,000 crore in dollars,” he said in an address to the investors at the roadshow launch of National Highway Authority of India (NHAI) bonds in Singapore on 24 April 2017.

“We are in the mood to sign the agreement for borrowing for major ports,” said the minister, pointing out that India has 12 major port development programme along the main coasts and some 400 minor ports within the inland waterways.

India has had successfully raised Rs.3,000 crore worth of dollar-denominated funding for port development in the past.

Likewise, Gadkari said recently approved NHAI International would also be able to raise dollar-denominated funds once it starts earning revenue from international projects.

NHAI International has received requests for road building from the neighbouring countries of Nepal, Myanmar and Sri Lanka as well as African States.

Meanwhile, NHAI is on a roadshow to raise funds by issuing rupee-denominated Masala bonds.

NHAI has approval to raise up to US$750 million.

All proceeds will be go into NHAI projects, said Rakshat Kapoor from Nomura investment banking team in India.

The NHAI masala bond roadshow will continue in Hong Kong on 26 April and in London on 8 May.

The masala bonds will be listed on exchanges in Singapore and London next month.

Nomura, AXIS Bank, SBICAP and Standard Chartered Bank are Joint Bookrunners and Lead Managers for NHAI’s masala bonds. fii-news.com

Tags: Axis BankNational Highway Authority of IndiaNitin GadkariNomuraRoad Transport and Highways MinisterSBICAPStandard Chartered Ban
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