IIFCL has approved loans totaling Rs 82.44 billion to develop 20 ports

The state-owned IIFCL has approved loans totaling Rs 82.44 billion for roughly 20 projects to assist increase port capacity by 836 million tonne per annum (MTPA), or one-fourth of India's overall cargo volumes. About 2,600 MTPA is the entire port capacity of India. As of March 2022, the cargo handling capacity of 12 main ports of this total was 1,598 MTPA. The Paradip Port, Essar Vizag Port, Tuticorin, Krishnapatnam Port, and Karaikal Port are just a few of the major port projects that India Infrastructure Finance Company (IIFCL) has been providing financial support for. The most recent is the Ramayapatnam port, which affirms our faith in this crucial industry and the potential it possesses to enhance connectivity, reduce logistical costs, and strengthen the economy. 15 non-major ports and 5 of India's 12 main ports have been developed by IIFCL. IIFCL would contribute Rs 10 billion to another greenfield non-major port in Andhra Pradesh with a targeted capacity of 30 MTPA, continuing to support world-class infrastructure in India. Also read: Andhra Pradesh fast tracks work on new ports Sea Port construction resumes at Vizhinjam