GMR Infra’s Kakinada SEZ Ltd Declared as Selected Bidder for Development of Commercial Port in East Godavari District, AP
· Kakinada SEZ Limited wins the bid through Swiss Challenge Approach
· Revenue Share of 2.7%; GoAP’s Infra Support of Rs. 200 Cr
The country’s 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’s 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 multi-product 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 industries including Petrochemicals, Food & Agro Processing, Discrete Manufacturing, Electronics, Renewable Energy, etc. offering a combination of export oriented SEZs and Domestic market oriented DTAs.