GMR Infrastructure Ltd today said it made a successful bid to develop a greenfield commercial port through Swiss Challenge mode at Kakinada in Andhra Pradesh.
According to a press release issued by the infra major, the Greenfield Port would be located at about 30 km north from Kakinada and proposed to be developed as an all-weather, deep draft, multi-cargo Port.
The port is located at one of strategic nodes of the Vizag Chennai Industrial Corridor and is expected to benefit from the associated corridor developments.
Given the strategic location, the port is expected to become the Gateway to the East Coast of India.
Once operational, the port will have initial capacity of 16 million tonnes, it said.
Revenue share payable to AP government under the bid is 2.7 per cent of Gross Revenue for the period of 30 years.
GoAP also approved provision of external infrastructure such as roads connecting to the nearest highway to the port boundary, water supply up to port boundary and power supply from nearest substation up to port boundary, as per AP Ports Policy.