APM Terminals to develop AP ports with Rs. 9,000 crore
Minister BC Janardhan Reddy, Maritime Board chairman Damacharla Satya, Industries Secretary Yuvaraj and representatives from APM Terminals exchanging the MoU documents in the presence of Chief Minister N Chandrababu Naidu in Amaravati on Thursday
- Signs MoU with AP Maritime Board in CM’s presence
- Likely to generate 10,000 direct jobs
Amaravati: Efforts by the Andhra Pradesh government to transform the state into the ‘Gateway of India's East Coast’ are taking a tangible shape. In a significant step, APM Terminals, a subsidiary of AP Moller-Maersk, a global leader in shipping logistics and port operations, on Thursday signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Maritime Board to develop ports in the state with an investment of Rs 9,000 crore.
The agreement, signed in the presence of Chief Minister Nara Chandrababu Naidu, outlined a partnership for the development of ports and infrastructure in the state. APM Terminals will develop and upgrade the ports of Ramayapatnam, Machilipatnam, and Moolapeta. The company will install and manage modern terminals and cargo handling systems, a move expected to create 10,000 direct jobs.
Speaking on the occasion, the Chief Minister stressed that APM Terminals' services should also cater to the domestic cargo market. He urged the company to help create a robust economic ecosystem around the ports. The CM reiterated that the government's objective is to build a ‘future economy’ centered on ports and logistics.
The Chief Minister has directed officials to develop an integrated logistics plan to position Andhra Pradesh as the logistics hub of India. He requested APM Terminals to assist in creating a comprehensive plan for cargo transportation via rail, road, inland waterways, and air.
Naidu highlighted that states like Telangana, Chhattisgarh, Maharashtra, Karnataka, and parts of Odisha depend on Andhra Pradesh's ports. He suggested that the logistics plan should aim to ensure cargo from these regions can be transported at the lowest possible cost.
The Chief Minister stated that the government's action plan would include developing a port or harbor every 50 kilometers along the state's 1,053-kilometer coastline.
The signing ceremony was attended by Minister for Roads & Buildings BC Janardhan Reddy, Maritime Board Chairman Damacharla Satya, Industries Secretary Yuvaraj, other senior officials, and representatives from APM Terminals.
