Rs.3,940 crs sanctioned by the Power Finance Corporation

In a significant update on India’s maritime infrastructure Minister of Ports, Shipping, and Waterways Mr. Sarbananda Sonowal, gave written reply in the Parliament, detailing major developments and investments within the sector in Andhra Pradesh.

He informed that the construction of the Machilipatnam Port in Andhra Pradesh officially began on April 21, 2023 is projected for completion by October 2025. The port is a Non-Major Port under the administrative control of the Government of Andhra Pradesh. 

Although it is not included under the central government’s Sagarmala Scheme, the development of the port is supported by a significant term loan of Rs.3,940.42 crores sanctioned by the Power Finance Corporation (PFC) to the Machilipatnam Port Development Corporation Limited (MPDCL), a subsidiary of the Andhra Pradesh Maritime Board (APMB).

The Visakhapatnam Port Authority and the Inland Waterways Authority of India (IWAI) have undertaken 36 projects in Andhra Pradesh, totalling Rs.4,600 crores. 

Of these, 22 projects worth approximately Rs.2,530 crores have been completed, while 14 projects, valued at Rs.2,070 crores, are in various stages of implementation. 

Among these developments, a state-of-the-art International Cruise cum Coastal Terminal has been established at Visakhapatnam Port to accommodate both international and domestic passengers.

India’s port capacity has seen substantial growth, with the nation’s total port capacity reaching over 2,500 MTPA in the fiscal year 2022-23. 

This represents an impressive 86% increase from 2014-15, with cargo handling capacity at Major Ports also doubling during this period. These achievements underscore the Government’s on-going efforts to enhance port infrastructure and operational efficiency.

Under the Sagarmala initiative, two Centres of Excellence in Maritime and Shipbuilding (CEMs) have been established in Mumbai and Visakhapatnam, with the Visakhapatnam campus being the first of its kind in Asia.