Andhra Pradesh

APPCB to grant ₹200 crore loan for Masula port

‘MUDA will return the money after raising a bank loan’

The Andhra Pradesh Pollution Control Board has been directed to grant an advance loan to the tune of ₹200 crore to the Machilipatnam Urban Development Authority for gathering land for the proposed deep sea port.

According to a communication from the Chief Minister’s Office, through Principal Secretary G. Sai Prasad, the Pollution Control Board (APPCB) has been directed to give the advance. MUDA shall return the money without interest at the earliest. MUDA is required to return the money on receipt of loan from various banks.

The MUDA will receive the grant through the Municipal Administration and Urban Development Ministry.

Speaking to The Hindu, MUDA Vice-Chairman P. Wilsonbabu said that the loan from the APPCB was likely to be received within a week. “The process of obtaining a loan of ₹1,385 crore is in progress for both the port and industrial corridor projects. The advance loan will be returned to the APPCB once the loan is obtained from the banks,” added Mr. Wilsonbabu.

At a press conference on Saturday, Law Minister K. Ravindra said that land acquisition would be the last option to gather land for the port.

Mr. Ravindra and Bandar MP K. Narayana appealed to private landowners to part with their land for the port project. Of the required 2,247 acres of private land for the port, owners of 711 acres had given their consent to part with their land.

MUDA Chairman B. Vedvyas said that at least 276 private landowners would be handed over the annuity for sparing 456 acres of land for the port within a week.

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Printable version | Apr 5, 2020 10:31:42 PM | https://www.thehindu.com/news/national/andhra-pradesh/appcb-to-grant-200-crore-loan-for-masula-port/article24958353.ece

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