AMARAVATI, June 28, 2018: The country leading Infrastructure Group, GMR Infrastructure Ltd. made a successful bid to develop a greenfield commercial port through Swiss Challenge mode. The Greenfield Port would be located at ~ 30 Km North from the city of Kakinada and proposed to be developed as an all-weather, deep draft, multi-cargo Port.
The Port is located at one of strategic nodes of the Vizag Chennai Industrial Corridor and is expected to benefit from the associated corridor developments. Given the strategic location, the Port is expected to become the Gateway to the East Coast of India. Once operational, the Port will have initial capacity of 16 MnT.
Revenue share payable to GoAP under the bid is 2.7 per cent of Gross Revenue for the period of 30 years.
GoAP also approved provision of external infrastructure viz., road infrastructure connecting to the nearest highway to the port boundary, water supply up to port boundary and power supply from nearest substation up to port boundary, as per AP Ports Policy.
Speaking on the occasion Mr. BVN Rao, Business Chairman- Transportation & Urban Infrastructure of GMR Infrastructure Ltd. said, "This is an important milestone that will charter new frontiers of recognition and growth for the entire GMR Group, in India and internationally. This will augur a huge leap forward in upturning the economic development graph of the region while spiraling up our Port potential to attract even more prestigious clients, taking the project valuations up by many folds.
Kakinada Special Investment Region (KSIR) is being developed as a world class port based multiproduct special investment region. The Port would be spread over ~ 1950 acres. While the Industrial Park spreads over 8500 acres. This Special Investment Region would house various 2 industries including Petrochemicals, Food & Agro Processing, Discrete Manufacturing, Electronics, Renewable Energy, etc. offering a combination of export oriented SEZs and Domestic market oriented DTAs.
About GMR Infrastructure Ltd:
GMR Infrastructure Ltd, is a leading global infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure, is listed on Indian Stock Exchanges.
GMR Group Airport portfolio has around 156 mn passenger capacity in operation and under development, comprising of India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad Rajiv Gandhi International Airport, Mactan Cebu International Airport in partnership with Megawide in Philippines. While greenfield projects under development includes Airport at Mopa in Goa and Airport at Heraklion, Crete, Greece in partnership with GEK Terna. Recently, the GMR-Megawide consortium has won the Clark International Airports EPC project, the second project in Philippines. It is also developing smart cities adjacent to Delhi and Hyderabad airports.
The Group Energy business has a diversified portfolio of around 7,000 MWs, of which 4,600 MWs of Coal, Gas and Renewable power plants are operational and around 2,330 MWs of power projects are under various stages of construction and development. The group also has coal mines in Indonesia, where it has partnered with a large local player.
Transportation and Urban Infrastructure division of the Group has six operating highways project spanning over 2,000 lane kms. The Group has a large EPC order book of railway track construction including Government of India marquee Dedicated Freight Corridor project. It is also developing multi-product Special Investment Regions spread across ~2,500 acres at Krishnagiri in Tamil Nadu and 10,400 acres at Kakinada in Andhra Pradesh.
GMR Group, through its Corporate Social Responsibility arm, GMR Varalakshmi Foundation carries out community based development initiatives at 27 different locations across India and abroad.
For further details, visit: http://www.gmrgroup.in/home.aspx
For Further Information, please contact:
Group Head & VP Corporate Communications
AGM Corporate Communications
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