Gujarat Pipavav Port Ltd has said that it would fund its ongoing expansion through internal accruals as it had cancelled loans from the multi-lateral agency IFC.
In a filing to the Bombay Stock Exchange (BSE), the company said, “In view of its business performance and cash flows, the Board of Directors decided to cancel the ECB (external commercial borrowing) loan from the International Finance Corporation and will now fund the ongoing expansion plan through its internal accruals.”
“The company had accordingly informed IFC and has now received its confirmation for cancellation of loan. The necessary formalities in that connection are being complied in due course,” it said.
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