AP approves port project worth $2 bn

The state government in Andhra Pradesh has given in-principle approval to Krishnapatnam Port Company Ltd (KPCL) to set up a floating storage and regasification terminal (FSRT) on build, operate, share and transfer (BOST) basis entailing an investment worth $2 bn. The FSRT will be set up by Malaysian firms including IHSB (Isomeric Holdings Sdn Bhd) and LEPL Ventures Pvt Ltd consortium as they proposed to undertake regasification terminal in Krishnapatnam port through a private funded initiative mechanism to ensure adequate supply of gas to the power and the industrial sectors in the state.