Breaking News:

GMR signs MoUs with firms on setting up units in Kakinada SEZ

HYDERABAD, Jan 30:  Kakinada SEZ Ltd (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL), said today it has signed a series of MoUs with firms interested in setting up of manufacturing units in Kakinada SEZ in Andhra Pradesh.
GMR Group is developing an industrial zone – Kakinada SEZ, spread over 8500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase 1 capacity of 16 million tonnes.
MoUs were signed by KSEZ during last week’s CII Partnership Summit 2017 at Visakhapatnam with five companies — Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram — for setting up manufacturing facilities with a total investment of Rs 7,000 crore spread over 550 acres at Kakinada SEZ Ltd., Kakinada, Andhra Pradesh, a GIL statement said.
These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ to these firms over the coming months, it said.
Kakinada is often referred to as the “Houston of India” owing to the existence of hydro-carbon reserves and the oil & gas infrastructure, according to the statement.
Acknowledging the advantage of Kakinada SEZ which is the largest industrial area with port connectivity in this region, Indian oil & gas PSU majors are joining together to set up a cracker unit, with a proposed investment of Rs 40,000 crore in 2000 acres of GMR’s Kakinada SEZ, it said, adding, an MoU in this regard was signed among GAIL, HPCL and Government of Andhra Pradesh, during the summit.
G M Rao, Group Chairman, GMR Group, said, “GMR Group is proud to be partnering with the State of Andhra Pradesh in the development of a port based investment region near Kakinada in the East Godavari District. We strongly support Prime Minister Narendra Modi’s ‘Make In India’ campaign, and Chief Minister N Chandrababu Naidu’s endeavours to cement the place of Sunrise State of AP as the most attractive destination for global investments into India. GMR group’s Kakinada SEZ is all set to transform the industrial landscape of the Godavari districts bringing in significant investments and employment.”
Kakinada SEZ, which is centred in the Kakinada node of the Visakhapatnam – Chennai Industrial Corridor being developed by Asian Development Bank,  would house various industries including petrochemicals, food & agro processing, discrete manufacturing, electronics, toys, sports goods & apparel, offering a combination of export oriented SEZs and domestic market oriented DTAs, GIL said. (PTI)


Download Daily Excelsior Apps Now:


Share With
This entry was posted in Business. Bookmark the permalink.