Andhra Pradesh cabinet approves Rs 13.85 billion loan proposal for Machilipatnam port

The Andhra Pradesh cabinet has approved a proposal for raising a loan of Rs 13.85 billion by the Machilipatnam Urban Development Authority for the development of Machilipatnam port. Besides port development, The loan will be utilised for developing an industrial corridor, trunk infrastructure and industrial townships. The project involves the development of a greenfield, modern, all-weather, deepwater, multi-purpose port at Machilipatnam in Krishna district of Andhra Pradesh. It is being developed on a build-own-operate-transfer basis and is estimated to entail an investment of Rs 40 billion. A special purpose vehicle (SPV) – Machilipatnam Port Limited – has been incorporated for project implementation. The port will be developed in phases with Phase I involving the development of three berths, breakwaters, navigational channels and floating crafts, and the installation of mechanical equipment.