The State government has formally approved the constitution of Special Purpose Vehicle to be registered as the ‘Machilipatnam Port Development Corporation Limited’ for developing deep sea port and port-led development on the Machilipatnam coast.
Infrastructure and Investment Department Special Chief Secretary R. Karikal Valaven issued an order on Tuesday stating that the SPV would fully be owned by the Andhra Pradesh Maritime Board.
Krishna District Collector A.Md. Imtiaz would be one of the five directors of the SPV.
The SPV’s prime objective is to develop, operate and maintain the Machilipatnam port. It will acquire, purchase, transact and develop the land within the port area boundary. It will also have the task of raising financial resources from the market besides government funding for development of the port, according to the order.
In January, the Container Corporation of India Limited in principle agreed to be a part in the development of the Machilipatnam port during talks with Chief Minister Y.S. Jagan Mohan Reddy.
