The Vadhvan Port Project Limited (VPPL) has initiated plans to raise up to Rs 300 billion (approximately $3.5 billion) in long-term debt, with tenors ranging from 15 to 20 years, via both onshore and offshore markets. The VPPL is a joint venture between the Jawaharlal Nehru Port Authority (74 per cent) and the Maharashtra Maritime Board (26 per cent).
This fundraising will occur in two phases. The first phase aims to secure at least Rs 220 billion over the next five years, with request for proposals expected soon. Additionally, the joint venture partners will invest around Rs 130 billion in equity.