VIJAYAWADA: The State government has approved the Detailed Project Report (DPR) and also issued administrative sanction for the development of Ramayapatnam port phase-1 works with a total project cost of Rs 3,736.14 crore with 36-month duration for its completion.
The government issued orders on Monday, approving the DPR prepared by RITES for the development of Ramayapatnam Non-Major Port under the landlord model through the Ramayapatnam Port Development Corporation Limited (RPDCL) under the overall supervision of Andhra Pradesh Maritime Board (APMB), and accorded administrative sanction for phase-1 works with a total project cost of Rs 3,736.14 crore with 36-month duration for its completion.
The government will provide Rs 100 crore towards the cost of acquiring 802 acres of land for phase-I of the port project.
The government also permitted the AP Maritime Board to raise a debt of Rs 2,079 crore for the project.
The AP Maritime Board has also been allowed to utilise certain amount of its revenue as equity and escrow in future for the project debt funding as per the AP Maritime Board Act, 2019.