HYDERABAD: GMR Kakinada Gateway Port, part of GMR group, on 4th January held a ground-breaking ceremony for its Greenfield commercial port near Kakinada in Andhra Pradesh.
The Andhra Pradesh Chief Minister N Chandrababu Naidu laid the foundation stone for the port, which involves an outlay of Rs 3,000 crore. The AP Government has signed a memorandum of understanding with Haldia Petrochemicals for a refinery/ petrochemical project in Kakinada special economic zone with an investment of Rs 60,000 crore.
GMR Kakinada Gateway Port, a subsidiary of GMR Infrastructure, had signed the concession agreement with the AP Government in November to build the port on a design, build, finance, operate and transfer basis. The port, coming up over 1,811 acres of land owned by Kakinada special economic zone and AP Government would lease 133 acres of seafront land for the period of concession.
In a statement, GMR Kakinada Gateway Port said the upcoming commercial port will handle coal, general cargo, and liquid cargoes over the concession period.
The proposed refinery and petrochemical project in Kakinada SEZ is expected to provide a fillip to the port, with significant liquid cargo traffic. GMR Group aims to develop the region on the lines of Jurong Industrial Cluster in Singapore and Houston of the United States.