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The Machilipatnam port project which has been in the news for all the wrong reasons has finally been awarded to the Navayuga Engineering Company Limited (NECL) by the Andhra Pradesh government.
The project, which was earlier awarded to Maytas Infra consortium in April 2008, was withdrawn after the Satyam scandal came to light.
The Machilipatnam Port Limited is a special purpose vehicle to develop a greenfield, modern, all-weather, deep-water, multi-purpose port at Machilipatnam in Krishna District, Andhra Pradesh on a ‘Build, Own, Operate and Transfer’ (BOOT) basis.
Khaitan advised NECL. Partner Haigreve Khaitan led Khaitan’s team on structuring the acquisition. The firm in its statement said, “In view of the Government of Andhra Pradesh Approval requirement, it was difficult to structure the deal”.