Reliance Ports and Terminals Ltd has informed the Bombay Stock Exchange (BSE) that the Company approved at its meeting held on 06 June 2013 the Issue of Rs 40 billion (US$675 million) in Secured Redeemable Non-Convertible Debentures to expand its liquid terminal in Jamnagar in India's western state of Gujarat.

Apart from adding more liquid berths, the expansion also includes setting up facilities to import coal to meet the demands of Reliance Utilities and Power Ltd.

The port arm is the subsidiary of conglomerate Reliance Industries whose businesses include crude refineries and petro-chemical plants on the Gujarat coast.

Axis Bank, HDFC Bank, Yes Bank and ICICI Bank are acting as arrangers for the placement. CRISIL Ratings has given the debentures a triple A rating with stable outlook.

See the Memorandum.