MARG's proposal to mobilise $500 million (approx Rs 2,450 crore) and another Rs 500 crore through qualified institutional placements has reportedly received nod from its Board of Directors.

The company is planning to raise $500 million by way of American depositary receipts, global depositary receipts, foreign currency convertible bonds and other financial instruments.

The proceedings are likely to be used to fund its ongoing projects worth Rs 5,000 crore.

These comprise Phase II expansion of Karaikal port, near Chennai, at an estimated cost of Rs 1,800 crore. MARG intends to augment the port capacity from five to 21 million tpa by March 2010. It has already achieved financial closure for the project.

Among others, the airport project at Bijapur in Karnataka and MARG Swarnabhoomi, a 1,000 acre mega township near Chennai, are expected to be completed over the next three years.

Also See:

MARG plans township at Tirupati (18-Mar-09)