Loan for port: AP Govt orders lands handover

Amaravati: The state government on Friday issued orders directing revenue department to hand over advance possession of the said government lands to Machilipatnam Urban Development Authority (MUDA) to enable the MUDA to raise a loan for an amount of Rs 1,385 crore from financial institutions for development of Machilipatnam port and industrial corridor and trunk infrastructure and industrial townships.

The municipal and urban development department issued GO M S No 203 on Friday stating that the government in consultation with line departments had decided to raise a loan of Rs 1,385 crore from public sector banks or financial institutions towards development of Machilipatnam port through Machilipatnam Urban Development Authority. As per orders, the revenue department is to handover around 2,600 acre government land to MUDA.

Principal secretary to municipal administration department said the chairman and MD of INCAP has said that INCAP was not in a position to raise the loan of Rs 1,092 crore from banks or financial institutions due to some constraints and instead suggested that MUDA would be the appropriate authority for raising loan.