In an initiative to ensure faster evacuation of cargo, Visakhapatnam Port Trust and National Highway Authority of India will take up Rs 100 crore port connectivity road widening project.
VPT and NHAI have decided in-principle to pick up equity of Rs 20 crore each as part of the second phase of their joint venture under special purpose vehicle Visakhapatnam Port Road Company Ltd (VPRCL). VPT and NHAI will seek loan from financial institutes for the remaining Rs 60 crore, sources in VPT said.
The second phase project would involve widening the existing road into four lanes and laying a service road. The existing toll plaza will also be relocated.
The Ministry of Shipping had advised the port and the NHAI to improve connectivity to the port with the highway for speedy cargo evacuation.
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