GMR fast tracks Rs. 26,000cr SEZ project

Kakinada : GMR Limited, which is a Bangalore based infrastructure building giant, has fast tracked its proposed port based special economic zone (SEZ) project at Kakinada in Andhra Pradesh. In this connection, the company has initiated negotiations with the prospective anchor tenants for the multi product project and is all set to kick start work on creating physical infrastructure including roads, water and port connectivity very shortly. The GMR has targeted investment potentials to the tune of Rs. 26,000 to Rs. 30,000cr by various players in the upcoming tax free enclave.

Chief Executive Officer, CEO, claimed that the company has already acquired land parcel of 10,000 acres and has targeted to invest Rs. 4,000cr in the development of SEZ and a whopping amount of Rs. 2,000 crore is being invested in making the port fully operational. GMR has a 51 per cent stake in the project which is being promoted as a part of the Andhra Pradesh Petroleum, Chemicals and Petrochemical Investment Region extending along the east coast from Visakhapatnam to Kakinada. The remaining portion of the share is being held by IL&FS, Kakinada Sea Ports and Andhra Pradesh Industrial Infrastructure. Infra major has claimed to be close to finishing the design, master planning of the port in which the builder of the project is also setting up a liquefied natural gas (LNG) terminal within the premises of special economic zone project.