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Groundbreaking ceremony held for greenfield Kakinada Port

Monday, 07 Jan 2019
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GMR Kakinada Gateway Port held groundbreaking ceremony for development of greenfield commercial port near Kona village in East Godavari district of Andhra Pradesh on 4 January 2019. The foundation stone was laid by Chief Minister N Chandrababu Naidu.

Kakinada Gateway Port is promoted by Kakinada SEZ, a subsidiary of GMR Infrastructure, the flagship company of the GMR Group. Kakinada Gateway Port had signed the concession agreement on 21 November 2018 with the Director of Ports, Kakinada, government of Andhra Pradesh, for development of the port on design, build, finance, operate and transfer (DBFOT) basis.

The concession has been awarded with a concession fee of 2.7 percent of revenue share in the first 30 years of commercial operation date (COD), 5.4 percent of revenue share in the years 31 to 40 and 10.8 percent revenue share in the years 41 to 50. The port will be developed in an area of over 1,811 acre owned by KSEZ.

The government of Andhra Pradesh will lease 133 acre of seafront land for the period of concession. The port is expected to handle coal, general cargo and liquid cargoes over the concession period. The estimated project cost is Rs 3,000 crore.

The port is expected to generate direct and indirect employment opportunities for the people of Thondangi mandal in East Godavari district.

 
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