India to raise $1 billion for ports
India's shipping ministry is planning to issue more than $1 billion in tax-free bonds to support infrastructure development in 12 government-run ports, according to reports in the Indian media.
The vehicle for the bond issue will be dubbed the Maritime Finance Corp. and was announced in the country's budget (India's fiscal year runs April 1 through March 31). Most of India’s largest ports, including its two busiest container ports, Nhava Sheva and Chennai, are state-owned.
The government will attempt to raise another $5 billion in bonds, with some of those funds aimed at other transportation projects in the rail and highway sectors.
India to raise $1 billion for ports
