Special Chief Secretary (Infrastructure and Investment), R Karikal Valaven, informed that the State government has approved the Detailed Project Report (DPR) of the phase-1 works of Bhavanapadu port in Srikakulam at an estimated cost of ₹3,669.95 crore. The State Cabinet has given its nod for the development of the port. Besides approving the DPR prepared by RITES for the development of Bhavanapadu Non-Major Port under landlord model through the Bhavanapadu Port Development Corporation Limited (BPDCL) under the supervision of the Andhra Pradesh Maritime Board (APMB), the government has also accorded administrative sanction to take up its phase-1 works. The State government will allot ₹261 crore towards land acquisition cost of 500 acres required for the phase-I development. The government permitted the APMB to raise funds worth ₹2,123 crore with the support of the State government. The APMB is allowed to utilize a portion of its revenue as equity and escrow in future for debt funding for the project as per the AP Maritime Board Act-2019. The State government is keen on developing four non-major ports to cater to the increasing demand for various types of bulk and container cargo, which may increase to 300-350 million tons per annum by 2024-25. The projects are Bhavanapadu Port in Srikakulam District, Kakinada SEZ Port in East Godavari, Machilipatnam Port in Krishna District and Ramayapatnam Port in Prakasam District.
📅Published on:
28 August 2020
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