GMR subsidiary signs agreement to develop commercial port in Andhra Pradesh

The port is expected to generate employment for 3,000 people and require an investment of Rs 21.23 bn in the medium term

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