Essar Bulk Terminal Paradip, part of Essar Shipping Ports and Logistics (ESPLL) in India, has raised Rs4.1bn ($92m) to partly finance a cargo terminal project at Paradip Port in the Indian state of Orissa.
The fund, which consists of a term loan of Rs3.85bn ($86m) and a bank guarantee facility of Rs250m ($5.6m), will be used for the mechanisation of Paradip’s Central Quay III terminal.
ESPLL had previously announced that it would invest around Rs5.14bn ($115m) for the mechanisation project, which will take the total investment in Paradip to over Rs10bn ($225m).
The project is scheduled to be commissioned in April 2011.
The completion of the project will allow the port to handle 30 million tonnes per year cargo, almost double its current capacity of 16 million tonnes, according to The Economic Times.