Axis Bank commits financing to the Vizag Multipurpose Terminal VISAKHAPATNAM

Vizag Multipurpose Terminal Pvt Ltd, an equal joint venture between Indian Potash Ltd and J M Baxi Ports & Logistics Ltd, has successfully secured funding from Axis Bank to complete the financing for mechanising and running a multipurpose cargo berth at the state-owned Visakhapatnam Port for 30 years.

The project's financial closing was completed significantly earlier than the Visakhapatnam Port Authority had anticipated.

The only business in India that manages fertilisers year-round at all ports is Indian Potash Ltd, the second-largest buyer of fertilisers on the international market. For the project, the J M Baxi Ports & Logistics-Indian Potash team submitted the highest royalty of Rs 55.44 per tonne, winning the Visakhapatnam Port Authority's tender.