The SBI in principal approved a loan of ₹700 crore to the Machilipatnam Urban Development Authority (MUDA) with nearly 500 acres in the Machilipatnam Industrial Corridor as security, MUDA Vice-Chairman P. Wilson Babu told The Hindu .
The MUDA sought ₹1,385 cr from the SBI, the Andhra Bank and the Canara Bank based on the detailed project report prepared by the consulting firm KPMG.
“The loan from the SBI in the first phase is for creating infrastructure facilities to speed up major projects including the deep sea port and the Integrated Logistics Management Zone (ILMZ)”, said Mr. Wilson Babu. The Andhra Bank also approved the loan recently but the quantum was yet to be finalised.
The MUDA and the Container Corporation of India Limited (CONCOR) agreed to set up the ILMZ through a Special Purpose Vehicle. “A report regarding the SPV has been prepared to be tabled before the next State Cabinet meeting. The MUDA will offer 1,000 acres and create infrastructure facilities while the CONCOR has agreed for the financial investment for the ILMZ,” said Mr. Wilson Babu.
The draft of the MUDA Perspective Plan-2050 was prepared by the Royal Haskoning DHV, a consulting firm that won the bid for preparing it and the master plan. “The Perspective Plan is a guide on the use of land and other natural resources of the MUDA. It will be submitted to the State government this week for final publication,” said Mr. Wilson Babu.
