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Andhra Pradesh govt cancels concession agreement for Machilipatnam port

Monday, 12 Aug 2019
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The government of Andhra Pradesh has cancelled the concession agreement for development of Machilipatnam port in Krishna district due to inordinate delay.

 

The state government has issued an order resuming 412 acre of land which was given on lease for the port project. The order issued by the department of industry, infrastructure, investment and commerce made it clear that the government reserved the liberty to claim compensation for the damages suffered by the government from Machilipatnam Port (MPPL).

The foundation stone for the greenfield, all-weather multi-purpose deep sea port near Amaravati to be constructed at an estimated cost of Rs 12,000 crore was laid in February 2018. The Machilipatnam port project was conceived in 2008 and work was awarded to a consortium led by Maytas Infra-NCC-SREI-SCC.

A special purpose vehicle (SPV), Vajra Sea Port, was incorporated to implement the terms and conditions of the concession agreement. The state government later replaced Maytas with Navayuga Engineering Company (NECL) as the lead promoter of the project and a revised concession agreement was entered into between the government and Machilipatnam Port.

However, no progress was made in the project since 2008 except for repeated extensions and further concessions. In order to support the project, the government also took on an onerous obligation of meeting the additional estimated cost of Rs 335 crore due to the change in the location, if the consortium achieves financial closure.

 
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