Petronet LNG & Adani Group signs JV agreement for building Solid Cargo Port at Dahej

Petronet LNG Ltd has announced that the Company and Adani Group on September 01, 2006 signed Joint Venture (JV) Agreement for building Solid Cargo Port at Dahej in the state of Gujarat. The Solid Cargo Company has already been incorporated as "Adani Petronet (Dahej) Pvt Ltd." in which the initial equity ratio from the Company and Adani Group would be 50:50. The two phases of the project is likely to cost around 1150 crores on a debt / equity ratio of 70:30. The project is likely to be completed within a period of 36 months. The Solid Cargo Port would have the facilities to import / export coal, steel, fertilizer, etc. The Solid Cargo Port Phase I would include one berth and 2nd Phase would have two additional berths with full mechanization of the Port. Land for the project has already have identified in the area of Dahej SEZ next to the Company´s LNG terminal.

The Financial Closure for the project is targeted to be achieved by the end of this year.

Source : Equity Bulls

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