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Kakinada Deepwater port is ported out again

Kakinada-Deepwater-port-is-ported-out-again

The Kakinada deepwater port has a unique tradition. It’s always operated by people who are close to the party in power of the day. It all started with then chief minister N. Chandrababu Naidu’s initiative to privatize the port and favour the sone of then Malaysian ruler Mahathir Mohamad

As domestic problems cropped up for the Malaysian firm, Naidu awarded the port contract to L&T and later got the Malaysian firm to buy a stake along with a consortium of TD leaders and then relatives.

After the change of guard, K.V.Rao, a small-time businessman from Vijayawada, made it big and bought the port from L&T thanks to his proximity to K.V.P. Ramachandra Rao, in a literal sense also for they are neighbors. K.V.Rao managed to get the concession agreement and Chandrababu Naidu never uttered a word against the gross compromise of the state’s financial interests.

Finally, it’s curtains down for K.V. Rao with the Aurobindo group, which enjoys the most favored company status in the Y.S.Jagan Mohan Reddy regime, buying a major stake in the port company

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