Kakinada Gateway Port Limited had signed the Concession Agreement in September last year with the Director of Ports, Kakinada, Government of Andhra Pradesh for development of the port on DBFOT (Design, Build, Finance, Operate and Transfer) basis.
The proposed refinery and Petrochemical project in Kakinada SEZ over the years is expected to generate around 5 lakh direct and indirect jobs.
GMR Group officials said they aim to develop the region on the lines of Jurong Industrial Cluster in Singapore and Houston of the United States.
The port would be developed in an area of over 1,811 acres owned by KSEZ. The state government would lease 133 acres of sea front land for the period of concession.
The port is expected to handle coal, general cargo and liquid cargoes.
Naidu said that 974 km coastline of the State offers tremendous scope for port development and thus economic development and employment generation in the region.
BVN Rao, Chairman, Transportation & Urban Infrastructure of GMR Group, said the port would provide an excellent value proposition for the manufacturing industry to set up unit in the industrial park.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)