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Port Trust signs MoUs worth Rs 30,000 crore for expansion

Prime Minister Narendra Modi will inaugurate the summit. A special session on investment opportunities in AP will be held on March 3.

Published: 27th February 2021 08:43 AM  |   Last Updated: 27th February 2021 08:43 AM   |  A+A-

Andhra Pradesh CM YS Jagan Mohan Reddy

Andhra Pradesh CM YS Jagan Mohan Reddy

By Express News Service

VISAKHAPATNAM: The Visakhapatnam Port Trust (VPT) has signed MoUs worth about Rs 30,000 crore with port-led industries and government agencies ahead of the Maritime India Summit 2021, which will be held in virtual mode from March 2.

Participating in the MoU signing ceremony and curtain raiser of the summit here on Friday, VPT Chairman K Ramamohana Rao said the pacts were inked for capacity expansion, beach nourishment, development of fishing harbour, LPG plant and various other projects. The agencies which entered into an agreement with VPT included HPCL, AM/NS India, Dredging Corporation of India, JD Fisheries, Integral Logistics Services and Government of Andhra Pradesh. The AP Maritime Board (APMB) will sign MoUs to the tune of Rs 28,388 crore at the summit, he said.

Prime Minister Narendra Modi will inaugurate the summit. A special session on investment opportunities in AP will be held on March 3. Chief Minister YS Jagan Mohan Reddy will participate in the special session. The main objective of the summit is to attract domestic as well as foreign investments. Investment opportunities in development of ports and maritime related activities in the State will be showcased in the special session as well as in the digital pavilion. All the stakeholders in the maritime sector such as policy planners, government agencies, domestic and foreign investors, shipping lines and representatives of ports, State maritime boards and others will participate in the summit, the VPT Chairman said.  

Themes such as development of port infrastructure, shipbuilding, recycling and repair, hinterland connectivity, multimodal logistics, coastal shipping, inland water transport, bulk cargo transportation, port-led industrialisation will be discussed at the summit. About 45 MoUs with an estimated investment of Rs 45,000 crore in the port-led industries, are likely to be signed at the summit. Students can enrol their names for participation in the summit to enhance their knowledge in the maritime sector, the VPT Chairman said.



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