Andhra Pradesh cabinet approves lease of land for Machilipatnam port
Friday, April 04, 2008
The Andhra Pradesh cabinet has approved lease of 6,262 acre of land and a concession period of 30 years for the Machilipatnam port at Gilakaladinne.
The project is executed by Maytas Infrastructure, Nagarjuna Construction Co, SREI Infrastructure Finance and Sarat Chatterjee & Co consortium.
The government has okayed the concession period of 30 years from the date of commercial operations, extendable by 20 years provided the concessionaire shall develop the port asset as per the agreement. After signing the agreement, the port will have to commence commercial operations within 36 months.