GMR subsidiary signs agreement to develop commercial port in Andhra Pradesh
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Kakinada Gateway Port Limited, a subsidiary of GMR-owned Kakinada SEZ Limited (KSEZ), has signed a concession agreement with Andhra Pradesh government for development of a green-field commercial port on design, built, finance, operate and transfer basis in Kona village of East Godavari District.
The concession agreement has been awarded with a 2.7 per cent revenue share in the first 30 years, 5.4 per cent of revenue share in the next ten years and 10.8 per cent revenue share in the next ten years thereafter. The port would be developed in an area of 1,811 acres owned by KSEZ, according to a GMR group statement.
Kakinada SEZ Limited received the letter of award on October 5, 2018, for the development of the green-field port. The company did not reveal the investment amount or timeline of the proposed project. However, it said that in the medium-term of 1-3 years, the port was expected to generate employment for 3,000 people and require an investment of Rs 21.23 billion.
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