Bangalore based infrastructure firm GMR is fast tracking its proposed special economic zone in Kakinada of Andhra Pradesh. It has initiated talks with possible anchor tenants for the multi product, port based SEZ and will kick start work on the physical infrastructure like roads, water and port connectivity in the next few months.

The estimated investment potential into the SEZ by various companies is in the range of INR 6,000 crore to INR 30,000 crore.

Mr SGK Kishore CEO said that “We have already acquired all of the 10,000 acre land required for the SEZ. We will be investing INR 3,000 to INR 4,000 crore in developing the SEZ.”

GMR expects to spend around INR 2,000 crore for developing and operating the port.

GMR has a 51% stake in the project, which is promoted as a part of Andhra Pradesh’s Petroleum, Chemicals and Petrochemical Investment Region, which extends along the east coast from Visakhapatnam to Kakinada. The rest of the stake are held by IL&FS, Kakinada Sea Ports and Andhra Pradesh Industrial Infrastructure.

GMR is currently meeting domestic and international companies interested in setting up shops. The infrastructure major also said it was close to finishing the design, master planning of the port.

It also proposes to set up a liquefied natural gas terminal within the SEZ, for which it plans to rope in interested equity investors.

(Sourced from BS)