AP awards Machilipatnam port to Navayuga

The project estimated to involve an investment of Rs.1560 crore, was originally awarded to Maytas Infra Ltd-led consortium in april 2008.

Hyderabad: The Andhra Pradesh cabinet on Wednesday named infrastructure firm Navayuga Engineering Co. Ltd (Chinta visveswara Rao-Chairman) as the lead promoter of the Machilipatnam port project on India’s east coast.

The project, estimated to involve an investment of Rs1,590 crore, was originally awarded to a Maytas Infra Ltd-led consortium in April 2008.

The Maytas consortium failed to achieve financial closure for the project within the stipulated time and its members, Srie Infrastructure Ltd and Sarat Chandra Co., expressed their willingness to exit from it, the state government said in a statement after the cabinet meeting.

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