The Andhra Pradesh government has entered into a memorandum of understanding (MoU) with Ras-Al-Khaimah Investment Authority to promote an integrated industrial corridor spreading over 26 kms between Nizampatnam and Vodarevu marine ports on the east-coast.
Speaking to media, state’s minister for infrastructure M Venkata Ramana Rao said that the overall cost of the project is about Rs 16,800 crore ($4.35 billions approx).
The proposed project will be completed in the next 6 years period in phases, he added.
The project include development of Nizampatnam and Vodaravu ports, establishment of power complex, industrial corridor and creation of infrastructure facilities all along the coastline connecting both the ports.
The MoU was signed by Khatar Massaad, CEO, Investment Authority, government of Ras-Al-Khaimah and KV Brahmananda Reddy, special secretary, department of infrastructure & investments here on Tuesday.
The project will be developed jointly by RAS-Investment Authority and Hyderabad-based Matrix Enport Private Ltd in the ratio of 51:49 respectively. Rao said that the state government has agreed to provide 10,000 acres of land for the project. “We are in the process of acquiring the land, besides a portion of revenue land will also be extended for the purpose,” he added.
The proposed project may be the first port-based industrial corridor in the country. There is also a proposal to set up a gas-based 2,100 MW power plant and oil refineries across the corridor to attract major industries.
Source:Financial Express
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