Navi Mumbai: Nhava Sheva Freeport Terminal bags Rs 1,066 cr from ADB to upgrade Jawaharlal Nehru Port

The Asian Development Bank (ADB) and Nhava Sheva Freeport Terminal Private Limited (NSFTPL) have signed a USD 131 million (about Rs 1,066 crore) loan agreement to upgrade the Jawaharlal Nehru Port Container Terminal, Navi Mumbai, to enhance international trade in India through efficient, transparent, and state-of-the-art logistics infrastructure.

NSFTPL is a special purpose vehicle jointly owned by J M Baxi Ports and Logistics Limited (JMBPL) and CMA Terminals.

The financing 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 Manila-based multilateral lending agency said in a statement.

"The funds will be used to upgrade existing berths and yards and install additional energy efficient equipment such as electric quay cranes," it said.

ADB further said these upgrades will expand the terminal's container handling capacity and attract vessels operating on important international shipping lanes.

"Global trade and supply chains are vulnerable to shocks, and enhancing countries' capacity for trade is critical to the region's recovery from COVID-19 and its ongoing prosperity," ADB Vice-President for Private Sector Operations and Public-Private Partnerships Ashok Lavasa said.

Lavasa added that long-term financial support from ADB can boost economic competitiveness in India by developing world-class mega ports and boosting the efficiency of containerised cargo terminal operations.