Andhra Pradesh: PFC sanctions ₹3,940 cr loan for Machilipatnam port
1 min read . Updated: 19 Nov 2022, 11:06 PM IST
PremiumPower Finance Corporation has sanctioned a loan of ₹3,940 crore for the construction of the Machilipatnam greenfield seaport
In order to build the Machilipatnam greenfield seaport, Power Finance Corporation has approved a loan in the amount of ₹3,940 crore, said Lok Sabha MP V Balashowri.
The MP informed reporters that Machilipatnam Port Development Corporation Ltd. has received the loan sanction letter.
Machilipatnam port construction is expected to cost ₹5,253.89 crore. On 21 December, Y S Jagan Mohan Reddy, the chief minister of Andhra Pradesh, will lay the cornerstone for the construction of the Machilipatnam port.
He also stated that, the acquisition of land for the construction of road and rail connectivity for Machilipatnam port has already begun.
According to the master plan, the Machilipatnam port will be built on almost 4,000 acres in two phases. Recently, the former minister and local MLA Perni Ventaramaiah, the R&B Principal Secretary Praveen Prakash, and other officials visited Machilipatnam and Pedana in search of land.
(With inputs from PTI)
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