APM Terminals, the port operating arm of A.P. Moller–Maersk, has signed a memorandum of understanding with the Andhra Pradesh Maritime Board to invest ₹9,000 crore (around $1.1 billion) in the development and modernization of the Ramayapatnam, Machilipatnam, and Mulapeta ports, according to Andhra Pradesh Maritime Board's release.
The agreement was signed in the presence of Chief Minister N. Chandrababu Naidu and is expected to generate approximately 10,000 direct jobs as the state aims to position itself as India’s eastern gateway for maritime trade.
According to the memorandum, APM Terminals will establish and operate new terminals and cargo-handling systems at the three sites, as well as undertake related infrastructure improvements.
The investment is part of Andhra Pradesh’s wider plan to strengthen its logistics network, which includes the creation of a state logistics corporation to oversee multimodal transport and support port-led economic activity.
APM Terminals is a global port and terminal operator headquartered in The Hague, Netherlands. It is a wholly owned subsidiary of A.P. Møller – Mærsk A/S and manages container terminals and inland services across multiple continents as part of the group’s integrated transport and logistics activities.
A.P. Moller – Maersk is a Danish public limited company listed on Nasdaq Copenhagen. It is a global integrated logistics company with core activities in ocean transport, logistics and services, and terminal operations.
The Andhra Pradesh Maritime Board is a statutory authority established by the Government of Andhra Pradesh, India. It is responsible for the development, regulation, and administration of the state’s non-major ports and associated maritime infrastructure.