Essar Shipping today said the company has tied up with banks for its Rs 738 crore bulk terminal in Hazira and it will achieve financial closure for the other bulk terminal in Salaya, Gujarat, in two months.
"We have achieved financial closure of the Rs 738 crore for the bulk terminal in Hazira. We have raised funds through a consortium of Indian banks," Essar Shipping Ports & Logistics Director V Ashok told PTI.
The debt equity ratio of the project is 70:30.
The company has "launched the transaction" to raise funds for the Salaya bulk terminal and it is expected to be complete in the next two months, he said, adding Rs 800 crore is planned to be raised for the project.
The Hazira project would have a capacity of 34 million metric tonne per annum (mmtpa) and it is scheduled to be over by June 2009 and Salaya would have 20 mmtpa and is expected to be completed by April 2011.
Both these dry bulk terminals are being developed to handle Essar group's other businesses. The customer for Hazira terminal would be Essar Steel and for Salaya terminal would be Essar Power Gujarat.