PFC approves Rs 39.4 bn loan for Machilipatnam port in AP

According to Lok Sabha Member V Balashowri, Power Finance Corporation has approved a loan of Rs 39.4 bn for the construction of the Machilipatnam greenfield seaport. According to the MP, Machilipatnam Port Development Corporation Ltd. has received the loan sanction letter. The Machilipatnam port is expected to cost Rs 52.53 billion. On December 21, Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy will lay the groundwork for the Machilipatnam port construction. He claimed that the government had begun the process of acquiring land in order to build a road-rail connection to the Machilipatnam port. Recent visits to Machilipatnam and Pedana for the land were made by the R&B Principal Secretary Praveen Prakash, former minister and local MLA Perni Ventaramaiah, and other officials. According to the master plan, the Machilipatnam port will be built on nearly 4,000 acres over the course of two phases. See also: Adani Ports bags Rs 250-bn greenfield project in BengalWest Bengal approves Tajpur greenfield port