CRISIL revises credit rating for fund and non fund based borrowings of Gujarat Pipavav Port

Credit rating agency CRISIL, has revised the credit rating for fund and non fund based borrowings of Gujarat Pipavav Port to ’A+’ with stable outlook.

Recently in February, Gujarat Pipavav Port had entered into an agreement with Gulf Petrochem India wherein they intend to take on lease 90,507 sq meters of land at Pipavav Port to develop an initial tankage facility of 100,000 KL.

Gujarat Pipavav Port is the developer and operator of APM Terminals Pipavav, which has multi-cargo and multi-user operations. Promoter APM Terminals Mauritius currently holds 57.9% stake in the company, pre issue. Among institutions, IDBI Trusteeship Services and IDBI Bank are the major shareholders with 10.2% and 8.9% stake.