AP inks MoU for ₹60,000-cr Kakinada SEZ

GMR Kakinada Gateway Port, a part of GMR group, has signed a MoU with Haldia Petrochemicals for a refinery/petrochemical project in Kakinada SEZ at an investment of ₹60,000 crore. The state's CM has laid the foundation stone for the port involving an initial investment of ₹3,000 crore. GMR Kakinada Gateway Port signed the concession agreement with the AP government to build the port on a design, build, finance, operate and transfer basis. The port, coming up over 1,811 acres of land owned by Kakinada SEZ and AP government, would lease 133 acres of seafront land for the period of concession. The GMR Kakinada Gateway Port will handle coal, general cargo, and liquid cargoes over the concession period. The proposed refinery and petrochemical project is expected to give a fillip to the port, with significant liquid cargo traffic. GMR Group aims to develop the region on the lines of Jurong Industrial Cluster in Singapore and Houston of the United States.