Special Correspondent

HYDERABAD: Maytas Infra Ltd, which leads the consortium for developing the Machilipatnam deepwater port, is expecting the award of concession agreement soon. Once the concession award is given, the company will complete the financial closure in about six to nine months. The State Government gave a letter of intent (LoI) on January 27 this year.

A special purpose vehicle (SPV), Vajra Seaport, was launched to undertake the work on the project by the member companies of the consortium -- Maytas Infra Ltd; Nagarjuna Construction Company Ltd; SREI Infrastructure Finance Ltd; and Sarat Chatterjee & Co. The Government will allot 6,262 acres of land for the project near Machilipatnam Port.

P. Chakrapani, senior vice-president (business development) of Maytas said here on Saturday that the concession agreement for the Rs. 1,255-crore project would be tentatively in force for 33 yearsThe State Government asked Maytasto relocate the port and submit bids afresh. .