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GMR Infrastructure bags greenfield commercial port contract in Kakinada

GMR Infrastructure has been chosen to develop a greenfield commercial port in Andhra Pradesh through Swiss Challenge mode. The proposed port would be located about 30 km north of Kakinada and is proposed to be developed as an all-weather, deep draft, multi-cargo port.

BVN Rao, Business Chairman, Transportation & Urban Infrastructure of GMR Infrastructure Ltd in a statement 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’s potential to attract even more prestigious clients, taking the project valuations up by many folds.”

The port is located at one of the strategic nodes of the Vizag Chennai Industrial Corridor and is expected to benefit from the associated corridor developments. The port that would be spread over 1950 acres is expected to become the gateway to the East Coast, given its strategic location. Once operational, the port is expected to have an initial capacity of 16 million tonnes.

GMR has offered a revenue share of 2.7 percent of gross revenue payable to the AP government under the bid for 30 years. The Government has approved provision of external infrastructure such as a road connecting the nearest highway to the port boundary, water supply up to the port boundary and power supply from the nearest substation up to the port boundary, under the AP Ports Policy. It proposes to provide infrastructure support of Rs 200 crore.

 

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