Machilipatnam, Andhra Pradesh, Apr 23 (UNI) Chief Minister Y S Rajasekhara Reddy today laid the foundation stone for a modern all-weather deep water port at Chinakara Agraharam Village in this mandal.
The State Government awarded the project to a consortium comprising Maytas Infra Limited (MIL), Nagarjuna Construction Company, Srei Infrastructure and Sarat Chatterjee and Company, on build, own, operate and transfer (BOOT) basis.
The consortium would form a Special Purpose Vehicle to execute the venture.
The state government was on the verge of signing a concessionaire agreement with the consortium. It would also provide external infrastructure and hand over 6,262 acre of land on long-term lease.
Only 600 acre to 700 acre of land would be used for the port, while the remaining land would be used for setting up various industries and a power plant.
This would be in addition to the 2,000 MW Ultra Mega Power plant being set up under XI five year plan, official sources said.
The sources said the first phase of the works would be completed in 24 months at an investment of Rs 1,590 crore.
Of the 12 berths, three berths would be built with latest technology to handle 15 million tonne of cargo a year.
The port would be constructed with a draught of 14.5 metre for enabling Panamax vessels to anchor.
The port would mainly handle coal transportation for Vijayawada Thermal Power Plant and iron ore and bulk agri-products from the surrounding districts, the sources said, adding it would also meet shipping requirements of cement plants located in the Krishna belt.
The port would ensure all-round development and given economic boost to the region. This would result in more industries being set up in the vicinity, thereby increasing the cargo movement.
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