YSRCP Member of Parliament Vallabhaneni Balashowry on Friday said Container Corporation of India (CONCOR) would become a partner in developing the Machilipatnam Port.
The CONCOR had proposed Rs 3,000-crore Integrated Logistics Manufacturing Zone (IMLZ) in Machilipatnam as a part of the port project, Balashowry said.
He said a Special Purpose Vehicle (SPV) would be formed for the project with 40 percent stake of Machilipatnam Urban Development Authority (MUDA) and 60 per cent of CONCOR.
In the evening, CONCOR Chairman and Managing Director V Kalyana Rama met Andhra Pradesh Chief Minister Y S Jaganmohan Reddy at his residence and discussed the Machilipatnam Port project.
R Karikal Valave, Special Chief Secretary to state government, Infrastructure and Investment department also participated in the meeting.