The expansion plans of Great Eastern Shipping Corporation (Gesco) have run into troubled waters, with the Indian ministry of finance sanctioning only US$50 million for external commercial borrowings as against Gesco's application for $150 million. According to company officials, the ministry has not assigned any specific reason for not sanctioning the entire amount. Gesco has decided to route the borrowings through floating rate notes. A company official said the borrowings would be unsecured, with the principal amount being paid after seven years. The company proposed to programme the seven-year 'bullet' payment at interest rates below 1.4 per cent over Libor. ANZ Gindlays Bank, London, will manage the borrowings.