GMR Infrastructure Ltd will be entering ports sector as it won the bid to develop greenfield commercial port in Kakinada on the eastern coast of India. The port, to be located 30 km north from Kakinada, will be developed as an all-weather, deep-draft, multi-cargo port spread over 1,950 acres.
A leading infrastucture groups in India with presence in roads, airports and other sectors, GMR won the port contract through Swiss Challenge mode. Revenue share payable to Andhra Pradesh government under the bid is 2.7 per cent of gross revenue for a period of 30 years.
According to senior officials from AP government, while more than Rs 2,000 crore investment will go into the setting up of the port, the state government will provide external infrastructure like roads connecting the port to the nearest highway, water and power supply, among others, by spending about Rs 200 crore. Read More
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