GMR inks MoUs worth Rs 47,000 cr during Sunrise AP Investment Meet
Hyderabad: GMR Infrastructure Limited (GIL) on Monday said that its subsidiary Kakinada SEZ Ltd (KSEZ) has signed a series of MoUs worth Rs 47,000 crore with firms keen on setting up manufacturing units at its Kakinada SEZ during the ‘Sunrise Andhra Pradesh Investment Meet’ held during January 27-28 at Visakhapatnam.
State-owned oil & gas players are planning to set up a cracker unit on 2,000 acres of GMR’s Kakinada SEZ at a proposed investment of Rs 40,000 crore. An MoU to this effect was inked by GAIL, HPCL and AP government during the summit.
KSEZ also inked MoUs worth Rs 7,000 crore with five companies — Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram — for setting up manufacturing facilities spread over 550 acres at the SEZ. Kakinada SEZ, which is centred in the Kakinada node of the Visakhapatnam-Chennai Industrial Corridor being developed by the Asian Development Bank, would house various industries including petrochemicals, food and agro processing, electronics, toys, sports goods and apparel, among others.
According to GMR Group, these MoUs will be followed up with technical and commercial discussions for lease of land in Kakinada SEZ over the next few months.
GMR Group is developing an industrial zone at the Kakinada SEZ spread over 8,500 acres and an all-weather, multi-cargo, deep water port, with an estimated phase-1 capacity of 16 million tonnes.
Commenting on the MoUs, GMR Group chairman G M Rao said, “GMR Group is proud to be partnering with Andhra Pradesh in the development of a port-based investment region near Kakinada in East Godavari district. The Kakinada SEZ is all set to transform the industrial landscape of the Godavari districts, bringing in significant investments and employment.”