With the decks cleared for setting up of a second major port in Andhra Pradesh, the state is set to receive a significant boost for its logistics sector. Once the second major port in Prakasham district commissioned, the State will have two major ports, the other being the country’s premier Visakhapatnam Port.
The proposal to set up the port, with an initial capacity of six berths in Prakasam district, has been already placed before the Union Cabinet, the initial investment will be of Rs 8,000 crore.
While the Andhra Pradesh government will hold about 11 per cent stake in the project, the rest will be picked by the other PSUs such as NMDC and steel companies, who are the major users of the port facilities.