Mundra Port

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Mundra port was developed by Adani Ports Ltd, subsidiary of trading house Adani Group. Initial investments amount to US$95.8 million. Industrial Finance Corporation of India (which received a US$ 100 million loan from ADB under a private sector infrastructure facility in 11/96) has sanctioned a US$ 56.7 million loan. The first stage was completed in 10/98. In June 1998, Adani Ports Ltd. set up a joint venture, Mundra Port and Special Economic Zone Limited (MPSEZL), with Gujarat Port Infrastructure Development Company Ltd. (GPIDCL). GPIDCL is a subsidiary of Gujarat Maritime Board (66%) and Gujarat Industrial Investment Corporation (GIIC) (34%). Also in 2002, the Adani Port Ltd. signed a long term agreement with Hindustan Petroleum Corporation for the set up of a US$71.57 million oil import terminal at Mundra Port. This will be a multi-purpose all weather port that can receive dry, liquid cargo and container ships up to 1,30,000 DWT with a clear and deep water approach and a minimum natural depth of 18 Mts. at any state of the tide. In November 2006, the MPSEZL was able to secure US$123.7 million from a consortium of banks led by SBI to finance the expansion of the port to meet the growing demand, including a dedicated jetty mainly for the coal import for the Mundra ultra mega power plant. The port was to be expanded to have an enclosed basin with 16 berths. Project description needs significant revision. http://www.portofmundra.com/corporate_info/milestone.html