In India Ennore Tank Terminals has received a senior debt of Rs 285 crore (49.9 million) from India-based financial intermediary IDFC and Larsen & Toubro (balance) to operate its liquid marine terminal at Ennore Port.
In November 2004 Ennore Port had selected the consortium of IMC and L&T to develop the project on BOT basis with a 30-year license period. ETTPL has developed common user liquid marine terminal (360m jetty) and storage tank farms of 130,000 kilolitre capacity. The company commenced full commercial operations in 2009.
ETTPL now proposes to increase the storage capacity to 260,000 kilolitres at Ennore Port, making it IMCs largest storage facility at a single location. Total project cost of Rs 419 crore is proposed to be financed by equity of Rs 99 crore, customers advance of Rs 35 crore and debt of Rs 285 crore.
IMC Group has business interests in port-based bulk liquid storage and international trading of molasses, fuels, chemicals and agricultural commodities. It is a market leader in India for third-party bulk liquid storage business and has storage terminals located at 13 port locations across India with storage capacity in excess of 930,000 kilolitres.