Amravati: State-owned India Infrastructure Finance Company Limited (IIFCL) has agreed to extend financial support for construction of three ports in Andhra Pradesh, reported the Times of India. IIFCL is willing to support three ports namely, Ramayapatnam (Nellore), Bhavanapadu (Srikakulam) and Machillipatnam (Krishna), said sources. Now, state government and IIFCL are fine-tuning terms and conditions for the financial support, sources added.
"IIFCL has recently announced releasing nearly Rs 8,200 crore for taking up nearly 20 port projects across India. The three ports of AP also appeared in the list," reported TOI. A senior official said, "We are expecting at least Rs 1,000 crore support from IIFCL for each of the three projects. This means that AP's projects alone can expect to get around Rs 2,500-3,000 crore from the outlay spread for construction of 20 new ports in different states."
Sources said that IIFCL is set to focus on early completion of these projects to boost Indian economy. Centre had directed the finance ministry to work out modalities for extending easy financial support to the infrastructure projects. As a result, IIFCL has prepared special package for the ports. After considering the project proposals from the AP Maritime Board, IIFCL is convinced that all the three ports of AP would be big assets for revenue generation.
"The state has already started working on Ramayapatnam port in Nellore and is ready to launch the other two ports," reported TOI.
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