SBT lead banker to raise Rs 2500 cr for Vizhinjam

Kerala has decided to rope in State Bank of Travancore (SBT) as leader of consortium of bank and financial institutions to raise Rs 2500 crore to fund the preliminary work on the proposed Vizhinjam international deep-water container trans-shipments terminal near Trivandrum, Kerala.

The state Cabinet has decided that an annual budgetary allocation of Rs 250 crore would be made to the Vizhinjam International Seaport (VISL), the special purpose vehicle, to help with the repayment of the long-term loan with tenure of up to 20 years.

It also decided to give in-principle approval to set up a Special Economic Zone over 120 hectares currently being acquired and another 110 hectares being reclaimed.