JNPA to lend Rs.100Cr to Dredging Corporation of India

It has been reported that JNPA, a stakeholder in Dredging Corporation of India, has agreed to lend Rs.100 Cr at an interest rate of 8.5% to the dredging company, which is to be paid on monthly basis. Dredging Corporation is running short on working capital which has forced the organisation to borrow funds on high interest rates. A period of two years for moratorium is being allowed for repayment of loan, following which the principal amount will have to be repaid in 12 equal instalments. The funds will also be used in fleet expansion of DCI for upgrading it to meet future market demand.