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AP cancels Rs 16,000 cr port, corridor project

AP cancels Rs 16,000 cr port, corridor project
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The Rs 16,000 crore port-cum-industrial corridor deal has been cancelled by the Andhra Pradesh government. The State government had signed the deal with Ras Al Khaimah Investment Authority and Matrix Enport Holdings in 2008 for building a port-cum-industrial corridor.

Andhra Pradesh Minister for Infrastructure, Investment, Ports, Airports and Natural Gas Ganta Srinivasa Rao said in Bangalore on November 16. He was attending the Maritime States Development Council meeting.

Rao said that the project was awarded on a government-to-government basis which did not have the backing of the Union Ministry of External Affairs.

The State government had signed a so-called concession agreement with VANPIC Ports—a joint venture between the Ras Al Khaimah Investment Authority and Hyderabad-based Matrix Enport Holdings—in July 2008 for developing Vadarevu port in Prakasam district and Nizampatnam in Guntur district along with an industrial corridor.

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