LokSabha MP V Balashowri said that the Power Finance Corporation has approved a loan of Rs 3,940 crore for the construction of the Machilipatnamgreenfield seaport.
According to the MP, Machilipatnam Port Development Corporation Ltd. has received the loan sanction letter.
The Machilipatnam port is expected to cost Rs 5,253.89 crore. On December 21, Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy will lay the groundwork for the Machilipatnam port construction.
He said that the government has begun the process of acquiring land in order to build a road-rail connection to the Machilipatnam port.
Recent visits to Machilipatnam and Pedana for the land were made by the R&B Principal Secretary Praveen Prakash, former minister and local MLA PerniVentaramaiah, and other authorities.
