Minister defends Ramayapatnam Port agreement
Minister B.C. Janardhan Reddy defended the Ramayapatnam Port project, asserting the agreement is transparent and beneficial for the government. He countered opposition claims regarding project progress and questioned the previous administration's handling of other port stakes.
Why it matters
The dispute underscores the political sensitivity of public-private partnerships and infrastructure projects in the Indian port sector.
Minister for Investments and Infrastructure B.C. Janardhan Reddy has defended the State government’s decisions on the Ramayapatnam Port project, asserting that the agreement was transparent and structured to ensure long-term revenue for the government.
In a press release issued on Monday, Mr. Janardhan Reddy said the agreement provided for an upfront premium of ₹1,500 crore, revenue sharing, minimum guaranteed revenue and a non-dilutable 12% equity stake for the government.
Rejecting the Opposition’s criticism, he said the government would retain a 12% equity stake in the nearly ₹20,000 crore investment proposed to be made by the concessionaire in various phases of the project.
Mr. Janardhan Reddy also sought an explanation from YSR Congress Party president Y.S. Jagan Mohan Reddy on the sale of the government’s 10.40% stake in Gangavaram Port to the Adani Group, and asked under what terms the transaction had taken place.
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