Gujarat port to expand

India's Gujarat Pipavav Port has proposed to raise six billion rupees (about HK$1.3 billion) to finance its second phase of expansion, which includes construction of three cargo terminals to increase handling potential by 13 million tonnes per year.

Nikhil Gandhi, vice-chairman and managing director, said 60 per cent of the total funding would be through foreign currency borrowings.

Gujarat Pipavav Port is a joint-venture private port company promoted by the Gujarat state government and Seaking group of Ahmedabad.