APMB gets nod to take loans for new ports
The board has already set in motion the construction of 4 ports across the State after signing concession agreements with MEIL, KSEZ and other investors
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Visakhapatnam Andhra Pradesh Maritime Board (APMB) is in the process of borrowing loans immediately after getting approval from the State Cabinet to contribute its share towards development of new ports under the Public Private Participation (PPP) programme.
The board, which was constituted to give a booster dose to port-led development to ensure optimum utilisation of opportunities in the 974-km long coastline, the second largest after Gujarat, has already set in motion the construction of four ports across the State after signing concession agreements with MEIL, Kakinada Special Economic Zone (KSEZ) and other investors. APMB is in talks with Power Finance Corporation for obtaining loans. It earlier held talks with the SBI-led consortium. "There is an encouraging response to lend loans as AP is assured of a bright future due to thrust given to port-led development," a senior official said.
The stones for the greenfield projects were laid by Chief Minister Y.S. Jagan Mohan Reddy in the last couple of years. "The work on Ramayapatnam, Kakinada Gateway Port, Mulapeta (erstwhile Bhavanapadu) and Machilipatnam (Bandar) is progressing at brisk pace and efforts are on to make them operational before the scheduled date as per direction of Chief Minister Y.S. Jagan Mohan Reddy," Minister for Industries and Commerce Gudivada Amarnath, said.
Mulapeta Port is envisaged with an investment of Rs.4,362 crore to achieve 25 million tonnes in the first phase in two years. Ramayapatnam first phase project is at brisk pace with an outlay of Rs.3,736 crore for commissioning four berths. Ramayapatnam is expected to handle the first ship by year-end. Kakinada Gateway Port is coming up with an investment of Rs2,123 crore. Machilipatnam Port will have 35 million tonne capacity in the first phase at a cost of Rs5,155 crore.
The government hopes that once completed the four ports will change the industrial landscape of the State by strengthening the existing ecosystem. Mulapeta Port coming up in Srikakulam district is close to Bhogapuram International Airport being built by GMR Group.
Ramayapatnam and Machilipatnam Ports are close to Chennai. The State already has the premier port of Visakhapatnam Port Authority (VPA) under the Government of India, Gangavaram and Krishnapatnam Ports acquired by Adani Ports SEZ (APSEZ). Other ports are Kakinada Deep Water and Anchorage Ports and Revva Port.
