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Vanpic Project Gets Government Approval
Publish Date:May 4, 2011
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The controversies ridden Vanpic project (Vadarevu and Nizampatnam Ports Industrial Corridor project) got the government's approval to go ahead. The government has approved the 'detailed project report' of Vadarevu port to be built as part of the Vanpic project in the coastal districts of Guntur and Prakasam. The infrastructure and investment department issued orders approving the 2,500 crore port allowing the concessionaire to go in for the crucial financial closure.
Though two ports have to be built as part of the MoU with the government, the concessionaire will first build Vadarevu as there is a delay in environmental clearance for the Nizampatnam port. The company also urged the government to expedite allotment of 2,000 acres for building the port. The government has already agreed to make the allotment but kept it on hold seeking details of land utilisation and the industrial and IT projects the company intended to rope in.
The project ran into controversy when the Opposition parties, in particular the TDP, objected to the acquisition of more than 10,000 acres for the project. Amidst speculations that the government might cancel the project, the promoters moved quickly to get the detailed project report approved. "With the formal approval of the DPR, the technical closure of the project is achieved," an official said, adding that the company would now approach financial institutions for funds.
http://www.teluguone.com/news/content/vanpic-project-20-1778.html
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