The Kakinada Gateway Port, a subsidiary of GMR-owned Kakinada SEZ Limited (KSEZ), has signed a concession agreement with Andhra Pradesh government for the 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 percent revenue share in the first 30 years, 5.4 percent of share in the next ten years and 10.8% revenue share in the next ten years. The port would be developed in an area of 1,811 acres owned by KSEZ and that 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, said an official spokesperson.
