Andhra Pradesh: Visakhapatnam Port Trust Signs Pacts Worth Rs 30,000 Crore For Expansion Plans

Ahead of the Maritime India Summit 2021 which is scheduled to begin from 2nd March, the Visakhapatnam Port Trust (VPT) on Friday (26 February) has signed memorandum of understanding (MoUs) worth about Rs 30,000 crore with various industries and government agencies, reports The New Indian Express.

The pacts were inked for capacity expansion, beach nourishment, development of fishing harbour, LPG plant and various other projects.

Hindustan Petroleum Corporation Limited (HPCL), ArcelorMittal Nippon Steel India (AM/NS India), Dredging Corporation of India, JD Fisheries and Integral Logistics Services are some of the entities that have entered into an agreement with VPT.

Further, VPT Chairman K Ramamohana Rao said AP Maritime Board (APMB) will sign MoUs to the tune of Rs 28,388 crore at the summit.

The Maritime India Summit 2021 will be inaugurated by Prime Minister Narendra Modi with an objective to attract domestic as well as foreign investments in development of ports and maritime related activities.

On 3rd March, Chief Minister of Andhra Pradesh (AP) YS Jagan Mohan Reddy will participate in the special session on investment opportunities in AP.

Port infrastructure, shipbuilding, recycling and repair, hinterland connectivity, multimodal logistics, coastal shipping, inland water transport, bulk cargo transportation, port-led industrialisation are some of the themes to be discussed at the summit.