The high-level committee has stamped its nod on the EC for the project at its meeting held last week. The state government is planning to put the project on a fast track as it wanted to complete the first phase in 30 months.
The Power Finance Corporation (PFC) has already agreed to grant Rs.4,500 crore loan to the port project.
Incidentally, Machilipatnam is the oldest port on the east coast and even two millennia before it was a major hub. But bad days fell on it in the 1980s and the port was closed.
Since then, there have been several attempts to revive the port but left half way.
The state government is said to be determined to complete the three major ports–Ramayapatnam (Nellore), Machilipatnam (Krishna) and Bhavanapadu (Srikakulam)– as public sector undertakings (PSU) to create sustainable economy.
1st phase of port project likely to be ready by December
The works of Ramayapatnam port project have already picked up pace and the first phase is expected to be completed by December, 2023. Similarly, the state government had completed the land acquisition for Bhavanapadu port in Srikakulam and getting ready to launch the works.
Local legislator Perni Venkatramaiah (Nani) said Jagan will soon lay the foundation stone for the project and kick-start the works.
