Pipavav Port to fund expansion

Gujarat Pipavav Port has said that it will now fund its expansion plans through internal accruals as it has terminated loans from the multi-lateral agency IFC. ¨In view of its business performance and cash flows, the board of directors decided to cancel the ECB (external commercial borrowing) loan from the International Finance Corporation,¨ Gujarat Pipavav Port Ltd has said. GPPL expects the cancellation of loan to not impact timely completion of the project or the company´s ability to pay dividends in future. ¨The company had accordingly informed IFC and has now received its confirmation for cancellation of loan,¨ it has said.