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Financial closure achieved for Gopalpur Port project

May 12, 2010 Leave a comment

Gopalpur Ports (GPL), a SPV floated by Orissa Stevedores (OSL), Sara International and the Hong Kong based Noble Group, has achieved financial closure for Phase I of the project which comprises developing Gopalpur into an all-weather port.

GPL recently signed a loan agreement with a consortium of 11 banks led by Punjab National Bank for a total loan amount of Rs 848.78 crore. The other bankers in the consortium are Bank of India, Dena Bank, Indian Bank, Oriental Bank of Commerce, State Bank of Patiala, State Bank of Travancore, Uco Bank, Union Bank of India, United Bank of India and India Infrastructure Finance Company.

In Phase I, GPL proposes to construct the breakwaters, three berths along with all associated material handling equipment, stockyards, warehouses and railway infrastructure. The project is likely to be completed in a span of two years.

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