Hyderabad, Jan 17 (UNI) Andhra Pradesh Cabinet today gave its approval for development of the Machilipatnam port by a consortium led by Maytas Infra Ltd, at a cost of over Rs 1,255 crore.
The Congress President and UPA Chairperson Sonia Gandhi would lay the foundation stone for the prestigious project in April, Information Minister A Ramanarayana Reddy and Ports Minister M Venkataramana Rao told reporters here, after a Cabinet meeting, chaired by Chief Minister Y S Rajasekhara Reddy.
A Committee of Secretaries was also constituted to decide on 'any additional cost' in view of the shifting of the project from the earlier scheduled Gogileru to Machilipatnam, they said, adding that initially the port would handle about 12 mn tonnes of cargo.
The Cabinet today ratified its allocation of 90 acres of land to the Mumbai-based Narsee Monjee Institute of Management Studies (NMIMS), in Jetcherla in the neighbouring Mahaboobnagar district.
They would allot the land at a cost of Rs 1.50 lakh per acre. NMIMS had agreed to earmark 25 per cent of the seats for students of Andhra Pradesh, Information Minister said.
The Cabinet had also approved setting up of two Bachelor of Education Colleges and two Diploma in Education Colleges in the State for the benefit of tribals, besides deciding to improve infrastructure of SC, ST, BC minorities' hostels by the next academic year, he added.
It also decided to distribute awards to progressive farmers all over the State between January 18 and 24, to encourage them to adopt latest farm techniques, he added.
Mr Reddy said, the Cabinet provided counter-guarantee to the Minorities Finance Corporation of Rs 20 crore to draw additional funds from the National Minorities Development and Finance Corporation.
The Cabinet permitted the State Financial Corporation to issue bonds to the tune of Rs 150 crore, with Government guarantee at interest rate of Rs 9.5 per cent, for development of small and medium scale industries with repayment period of ten years, he added.
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