Govt approved DPR of Ramayapatnam Port to develop under Landlord Model
Amaravati: The State government has accepted a Detailed Project Report prepared by RITES for development of the Ramayapatnam Non-Major Port under the landlord model through Ramayapatnam Port Development Corporation Limited (RPDCL).
This project will be undertaken under the overall supervision of the Andhra Pradesh Maritime Board (APMB) and accorded administrative sanction to take up the Phase -1 works with a total project cost of Rs 3,736.14 Cr. It has the mandate to complete the total project by 36 months. The State government will provide Rs 100 cr towards the land acquisition cost for acquiring the land of 802 acres required for the first phase.
We approved the DPR prepared by RITES towards the development of #RamayapatnamPort and for taking up Phase1 works with a total project cost of Rs.3736.14 Cr in 36 months. Our Govt will provide Rs100 cr towards the land acquisition cost for acquiring the required land. pic.twitter.com/VTVNOk7CZu
— Mekapati Goutham Reddy Official (@MekapatiGoutham) June 15, 2020
The Government permitted the APMB to raise debt of Rs 2079 cr with appropriate support of the State Government. The APMB is allowed to utilize a certain portion of its revenue as equity and escrow in future for debt funding to the project as per the APMB Act, 2019, informed R Karikal Valaven, Special Chief Secretary, Infrastructure and Investment department, in a GO MS No 2 on Monday.
Meanwhile, Mekapati Goutham Reddy, Minister for Industries said that "We approved the DPR prepared by RITES towards the development of Ramayapatnam Port and for taking up Phase-1 works".