Sravan Shipping to invest ₹390 crin Andhra Pradesh port projects

Sravan Shipping, based at Visakhapatnam, is planning to invest heavily in several projects in the ports of the State in the next two years, according to G Sambasiva Rao, Managing Director.

He said here on Thursday that the group had signed MoUs with the State Government for these projects during the CII Partnership Summit which concluded earlier this week. A total investment of ₹390 crore is planned, providing jobs to 2,400 or so.

SEZ, warehousing zone He said the group was planning to develop a free trade warehousing zone and special economic zone near the Visakhapatnam Steel Plant. “We are planning to set up container freight stations (CFS) in Visakhapatnam, Kakinada and Krishnapatnam. We will set up an integrated logistics park with seamless connectivity and world class facilities under one roof near NTPC Simhadri Super Thermal Power Station at Parawada,” he said.

He said his group wanted to develop Visakhapatnam as a transhipment hub for domestic cargo. The Free Trade Zone and SEZ will provide establishing units within 24 hours with fast-track clearances and easy exit option. The investors will also be eligible for several duty exemptions.

For the CFS in Visakhapatnam, the company would need 100 acres. For Kakinada, 25 to 30 acres will be acquired. Krishnapatnam CFS is planned in an area of 25 to 50 acres. The group is also planning to set up a CFS at Nellore.

Sambasiva Rao said his group wanted to execute the projects as early as possible and it wanted to commission the second CFS in the city this year.

Kakinada facility will be operational next year. The free trade zone will be ready by 2017-18.