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GMR arm to develop 2,100-cr new port in AP
Kakinada Gateway Port KGPL, an arm of Kakinada SEZ, has inked a concession agreement with the Andhra Pradesh government for development of a Greenfield commercial port at Kona village in East Godavari district, with an investment of Rs 2,123 crore
Hyderabad: Kakinada Gateway Port (KGPL), an arm of Kakinada SEZ, has inked a concession agreement with the Andhra Pradesh government for development of a Greenfield commercial port at Kona village in East Godavari district, with an investment of Rs 2,123 crore.
Kakinada SEZ is a company promoted by GMR Infrastructure Limited, the flagship company of diversified GMR group. The agreement was signed in the presence of N Chandrababu Naidu, Chief Minister, Andhra Pradesh, Ajay Jain, Principal Secretary, Energy, GoAP, Koya Pravin, Directorate of Ports, GoAP, Prasanna Challa, CEO, Kakinada SEZ, and Nagarjuna Tadury, Vice President, Ports, Kakinada SEZ.
The proposed port will be built on design, build, finance, operate and transfer (DBFOT) basis. Kakinada SEZ (KSEZ) has promoted KGPL as its wholly owned subsidiary and as the Special Purpose Vehicle for implementation of the project. The port will be developed in an area of about 1,811 acres owned by KSEZ.
The concession agreement has been awarded with a concession fee of 2.7 per cent of revenue share in the first 30 years of COD, 5.4 per cent of revenue share in the 31 to 40 years and 10.8 per cent revenue share in the years from 41 to 50, GMR said in a statement.
“Given the advantages of abundant water, surplus power, assured gas supply by Andhra Pradesh Gas Distribution Corporation and a developed industrial park with a commercial port in proximity, companies are making a beeline to establish their manufacturing units in Kakinada SEZ,” GMR said in a statement.
It further said the commercial port project will increase employment in the next two years while Kakinada SEZ will generate employment to nearly 2,000 people from the sea food processing units.
