GMR inks MoUs worth Rs 47,000 cr during Sunrise AP Investment Meet

Hyderabad: GMR Infrastructure Limited (GIL) on Monday said that its backup Kakinada SEZ Ltd (KSEZ) has marked a progression of MoUs worth Rs 47,000 crore with firms enthused about setting up assembling units at its Kakinada SEZ amid the ‘Dawn Andhra Pradesh Investment Meet’ held amid January 27-28 at Visakhapatnam.

State-possessed oil and gas players are wanting to set up a wafer unit on 2,000 sections of land of GMR’s Kakinada SEZ at a proposed venture of Rs 40,000 crore. A MoU to this impact was inked by GAIL, HPCL and AP government amid the summit.

KSEZ additionally inked MoUs worth Rs 7,000 crore with five organizations – Oil Country Tubular, Kamineni Steel and Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram – for setting up assembling offices spread more than 550 sections of land at the SEZ. Kakinada SEZ, which is focused in the Kakinada hub of the Visakhapatnam-Chennai Industrial Corridor being created by the Asian Development Bank, would house different ventures including petrochemicals, sustenance and agro preparing, hardware, toys, sports products and clothing, among others.

As indicated by GMR Group, these MoUs will be caught up with specialized and business dialogs for rent of land in Kakinada SEZ throughout the following couple of months.

GMR Group is building up a mechanical zone at the Kakinada SEZ spread more than 8,500 sections of land and an all-climate, multi-load, profound water port, with an expected stage 1 limit of 16 million tons.

Remarking on the MoUs, GMR Group executive G M Rao stated, “GMR Group is glad to band together with Andhra Pradesh in the improvement of a port-based venture locale close Kakinada in East Godavari area. The Kakinada SEZ is good to go to change the modern scene of the Godavari regions, acquiring critical ventures and work.”

Source:- Timesofindia

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