Hyderabad: Infra major GMR Group, on Friday, forayed into the commercial port business with a ground breaking ceremony held in the East Godavari district of Andhra Pradesh.
“This event (ground breaking) heralds a new era of industrialisation for the Kakinada Region,” said B.V.N. Rao, who heads the GMR group’s transportation and urban infrastructure vertical.
The port is a part of 10,400-acre Kakinada special investment region project.
Kakinada Gateway Port Ltd — an arm of the GMR Group — had signed the concession agreement on November 21, 2018 with the director of ports, Kakinada, AP, for development of the Port on DBFOT basis (Design, Build, Finance, Operate and Transfer).
The Port would be developed in an area of over 1,811 acres owned by Kakinada SEZ.
The port is expected to handle coal, general cargo and liquid cargoes. The estimated project cost is Rs 3,000 crore.
The port is expected to generate huge direct and indirect employment opportunities for the people of Thondangi mandal in East Godavari district.
Speaking on the occasion, Andhra Pradesh Chief Minister N. Chand-rababu Naidu said, “The 974-km coastline of the state offers tremendous scope for Port development and thus economic development and employment generation in the region.”
TCG Group’s flagship company Haldia Petro-chemicals has already chosen Kakinada SEZ to set up their Rs 60,000-crore refinery and petrochemical projects. An MoU was, however, signed in this respect on Friday.
