GE Commercial Finance India announced today that it has provided a INR 109 Cr senior secured loan to Gateway Rail Freight LTD (GatewayRail), one of India's leading national logistics providers. GatewayRail will use the funds to expand its terminal network and increase container freight services mainly between JN Port - India's largest container port, and the northern industrial regions near Delhi.
In 2006, the Indian Ministry of Railways ("MOR") awarded fourteen new licenses to privatize the rail movement of containerized freight within India. Since then, Gateway has focused on transporting freight across the high volume corridor - from the largest port, J N Port (53% of India's total throughput) to industrial areas near Delhi. With funding from GE, Gateway has purchased 10 rakes (of 45 rail cars each), plus land, equipment and services required for the development of an Inland Container Depot (ICD) in Asaoti, Faridabad, near Delhi.
GE Commercial Finance is committed to funding India's infrastructure development. "GatewayRail has a reputation for delivering world-class logistical support for its customers and has committed to further development to meet increased demand for freight service across India," noted Vicky Bindra, President & CEO, GE Commercial Finance India. "Our partnership with GatewayRail is one of the many ways that GE is contributing to the growth of India's rail freight system and to the country's other transportation and supply chain networks."
