KSEZ signs MoU with Natural Bio for Rs 140cr plant

Kakinada Special Economic Zone (KSEZ) has signed an agreement with Natural Bio-Energy India for setting up the first eco-friendly bio-diesel plant.

The 300-TPD integrated bio-diesel plant would be set up in the port town of Kakinada at an estimated cost of Rs 139.50 crore by Natural Bio-Energy India in joint venture with Energia GMDH, Austria.

Kakinada SEZ is a port-based special economic zone project promoted by Kakinada Sea Ports Limited, ONGC and IL&FS, an official said here on Saturday.

"KSEZ has received in-principle approval from the Centre for setting up of a port-based special economic zone at Kakinada. For this, a special purpose vehicle (SPV), Kakinada SEZ Private Limited (KSPL), was incorporated. The project will be implemented by KSPL, ONGC and IL& FS as promoters and an MoU was entered into on Saturday," chief operating officer M S Murthy told reporters.

"An investment of Rs 2,000 crore would be made for developing infrastructure in 4,000 acres of land and augmenting external infrastructure for KSEZ," Murthy said.

A separate MoU is under finalisation between the Andhra Pradesh government, IL&FS and KSPL for setting up the refinery, Murthy said.