Machilipatnam deepwater port project is finally taking shape with the Andhra Pradesh Chief Minister Y Rajasekhara Reddy laying the foundation stone for the project on Wednesday.
The project was awarded to a consortium led by Sayam Raju?s Maytas Infra partnered with NCC, Sarat Chatterjee & Co, and SREI Infrastructure Finance on BOOT basis and the concession period is for 30 years.
The port will have 12 berths with cargo handling capacity of 35 mtpa and will be operational in about 36 months from the date of financial closure, officials told FE. During the first phase, the port will have three berths with a cargo handling capacity of 15 mtpa, he added. The first phase is estimated to cost Rs 1,590 crore.
Officials further said that the consortium will establish a special purpose vehicle (SPV) in order to take up the project. ?We are moving towards achieving the financial closure in about 10 to 12 months time frame,? officials said.
Though the port project had conceived targeting coal imports for the Vijayawada Thermal Power Plant, it has potential to attract various other cargoes like cement and from other industries in the hinterland covering the districts like Krishna, West Godavari, Khammam, Nalgonda and Hyderabad. Further, it also can cater to the agriculture products like paddy, sugar, pulses, tobacco chillies and seasonal fruits.