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JAN 31 2017

Several firms ink MoUs for setting up units in GMR Kakinada SEZ

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 31st JAN 2017

Kakinada SEZ Ltd, a subsidiary of GMR Infrastructure Ltd, has signed a series of MoUs with firms interested in setting up manufacturing units in Kakinada SEZ.

The MoUs were inked during the CII Partnership Summit 2017 held during January 27-28 at Visakhapatnam. 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 mt.

The MoUs were signed by KSEZ with five companies, which include 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 spread over 550 acres at Kakinada SEZ Ltd.

These MoUs would be followed up with technical and commercial discussions for lease of land in Kakinada SEZ.

G. M. Rao, Chairman, GMR Group, in a statement said, “GMR Group is partnering Andhra Pradesh in the development of a port-based investment region near Kakinada in East Godavari district. We support Prime Minister Narendra Modi’s ‘Make In India’ campaign, and Chief Minister N. Chandrababu Naidu’s endeavours to cement the place of Sunrise State of AP as the most attractive destination for global investments in India. GMR group’s Kakinada SEZ is all set to transform the industrial landscape of the Godavari districts, bringing in significant investments and employment.”

Kakinada SEZ, which is centred in the Kakinada node of the Visakhapatnam – Chennai Industrial Corridor being developed by Asian Development Bank, would house various industries, including petrochemicals, food and agro processing, discrete manufacturing, electronics, toys, sports goods and apparel, among other sectors offering a combination of export-oriented SEZs and domestic market oriented DTAs.

The SEZ is already operational and has units that employ nearly 1,000 people from the neighbouring villages, predominantly women. Several domestic and global business groups have shown interest in considering GMR’s Kakinada Investment Region (SIR) a launching platform in the Sunrise State of Andhra Pradesh.

Kakinada is often referred to as the ‘Houston of India’ owing to the existence of hydrocarbon reserves and its oil & gas infrastructure. Acknowledging the advantage of Kakinada SEZ, which is the largest industrial area with port connectivity in this region, Indian oil & gas PSU majors are joining hands to set up a cracker unit, with a proposed investment of Rs. 40,000 crore on 2,000 acres of GMR’s Kakinada SEZ. An MoU was signed for this investment in Kakinada SEZ by GAIL, HPCL and the Andhra Pradesh government, during the CII Partnership Summit, Visakhapatnam, AP.

 

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TOTAL Andhra Pradesh Chennai Gas Oil Hydrocarbon Memorandum Of Understanding GMR Group Hindustan Petroleum Corporation Limited Asian Development Bank Power GMR Infrastructure Ltd India Asian Hotels North

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