GMR Infrastructure has announced securing the contract to build a greenfield commercial port near Kakinada through the Swiss Challenge mode. The port, spread across 1,950 acres with an initial capacity of 16 million tonnes (mt) once operational, is expected to become the gateway to the east coast of India
Why this is important?
This port will have house various industries including petrochemicals, food and agro processing, discrete manufacturing, electronics, renewable energy, among others, offering a combination of export-oriented and domestic market-oriented economic zones MOUs were already signed in 2017. This will augur a huge leap forward to attract even more prestigious clients, taking the project valuations up by many folds.