Bangalore-based infrastructure firm GMR is fast-tracking its proposed special economic zone (SEZ) in Kakinada, 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 Rs 6,000-30,000 crore (Rs 60- 300 billion).
"We have already acquired all of the 10,000 acre land required for the SEZ. We will be investing Rs 3,000-4,000 crore (Rs 30-40 billion) in developing the SEZ," said CEO S G K Kishore. GMR expects to spend around Rs 2,000 crore (Rs 20 billion) for developing and operating the port.
GMR has a 51 per cent stake in the project, which is promoted as a part of Andhra Pradesh's Petroleum,
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 (LNG) terminal within the SEZ, for which it plans to rope in interested equity investors.
Among the projects envisaged in the SEZ are refinery projects, petrochemical units, ports and possibly an LNG terminal. Kakinada, which is strategically close to the natural gas belt in the Krishna-Godavari basin, is also close to a number of gas-based power projects coming up in the area. GMR itself has a natural gas-based 388.5-megawatt (Mw) project in Vemagiri, which it is expanding by 768 Mw.
