ADB ready to fund Chennai-Vizag industrial corridor - Report.

Sources said that the Manila-based Asian Development Bank (ADB) is ready to fund the Chennai-Visakhapatnam industrial corridor along the coast of Andhra Pradesh, which would modernise ports, airports, roads and the rail network through the 800-km long coastline.

A delegation, led by Ms M Teresa Kho, Country Director for ADB in India, had met with the state government officials recently and made a presentation on the proposed project.

It is understood that the multilateral development bank had started work on studying the feasibility of the industrial corridor and if it decides to fund the corridor, it will be its first such initiative in the country.

Apart from that, once the project, likely to cost around INR 20,000 crore for the infrastructure, is completed, it would create additional gas pipelines and power transmission lines to feed fuel to the existing and new industrial clusters and special economic zones (SEZs) in the region.

According to sources, the project would be developed along the lines of the Delhi-Mumbai Industrial Corridor where Japan is the partner nation.


STEELGURU