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GMR’s Kakinada SEZ inks 47k-crore proposals
Kakinada SEZ Limited (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL), has signed a series of MoUs (memoranda of understanding) worth Rs 47,000 crore with firms interested in setting up manufacturing units in the Kakinada special economic zone in Andhra Pradesh.
Hyderabad: Kakinada SEZ Limited (KSEZ), a subsidiary of GMR Infrastructure Limited (GIL), has signed a series of MoUs (memoranda of understanding) worth Rs 47,000 crore with firms interested in setting up manufacturing units in the Kakinada special economic zone in Andhra Pradesh.
The agreements were signed during the CII Partnership Summit, which ended here on Saturday, GMR said in a statement on Monday. The GMR Group is developing a world-class industrial zone – 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.
Major oil and gas PSUs are coming together to set up a petrochemical complex with a proposed investment of Rs 40,000 crore on 2,000 acres at GMR’s Kakinada SEZ. The MoU for this investment was signed among the Gas Authority of India Limited (GAIL), Hindustan Petroleum Corp Limited (HPCL) and the Andhra Pradesh government.
The MoUs were also signed by KSEZ with five other companies, including Oil Country Tubular, Kamineni Steel and Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram, for setting up manufacturing facilities with a total investment of Rs 7,000 crore on over 550 acres.
These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ to the above mentioned firms over the following months, the statement said.
Kakinada is often referred to as the “Houston of India” owing to the existence of hydro-carbon reserves and the oil and infrastructure. “The GMR Group’s Kakinada SEZ is all set to transform the industrial landscape of the Godavari districts, bringing in significant investments and employment,” said G M Rao, Group Chairman of the GMR Group.
KSEZ, which is centered in the Kakinada node of the Visakhapatnam-Chennai Industrial Corridor, being developed by Asian Development Bank, and will house various industries, including petrochemicals, food and agro processing, discrete manufacturing, electronics, toys, sports goods and apparel. The SEZ is already operational and has units that employ nearly 1,000 people from the neighbouring villages, predominantly women.
