Kakinada SEZ to draw Rs 47,000 crore investment

The agreements were inked during the CII Partnership Summit which ended here on Saturday, GMR said. 

GMR Group is developing a worldclass 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. 

Oil and gas public sector majors are coming together to set up a petrochemical complex with a proposed investment of Rs 40,000 crore in 2,000 acres of GMR’s Kakinada SEZ. 

The MoU for this investment was signed among the Gas Authority of India Ltd (GAIL), Hindustan Petroleum Corp Ltd (HPCL) and the AP government. 

MoUs were also signed by KSEZ with five other companies including Oil Country Tubular, Kamineni Steel & Power, United Seamless Tubular, Deepak Phenolics and DCM Shriram for setting up manufacturing facilities with a total investment of Rs 7,000 crore 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. “GMR group’s Kakinada SEZ is all set to transform the industrial landscape of the Godavari districts bringing in significant investments and employment,” said GM Rao, Group Chairman, GMR Group.