ADB to lend $131-M for Maharashtra's JLN Port upgradation

Manila, Philippines-based Asian Development Bank (ADB) is to lend USD 131 million (about INR 1,066 crore) to Nhava Sheva Freeport Terminal Pvt Ltd (NSFTPL) to upgrade the Jawaharlal Nehru Port Container Terminal, Navi Mumbai, to enhance international trade with efficient, transparent logistics infrastructure. NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Ltd (JMBPL) and CMA Terminals. The 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 funds will be used to upgrade existing berths and yards and install additional energy efficient equipment such as electric quay cranes.