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NAGARJUNA Construction Company (NCCL) has made a foray into port development business by bagging the Rs 1,200-crore project for the development and operation of a deep-water port at Machilipatnam in Andhra Pradesh.

The consortium comprising NCCL, Maytas Infrastructure and SREI Infrastructure Finance has bagged the project to be completed on a Build-Own-Operate-Transfer (BOOT) basis, according to a statement from the company.

The consortium will float a SPV within two months to execute the project. The concession agreement will be signed with the Andhra Pradesh government by April and financial closure for the project will be achieved within six months of signing the agreement, NCCL senior vice-president (finance) Y D Murthy told ET.
SREI Infrastructure will be the major stakeholder in the SPV with 38% stake followed by Maytas with 26%, NCCL with 25% stake and a port development company would hold 11%, he said.

About Rs 300 crore of the total Rs 1,200 crore would be raised through equity investment by the consortium members and the rest will be raised through debt.

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