Kakinada petrochem project strengthens with new MoU

Kakinada petrochem project strengthens with new MoU

3:57 AM, 16th January 2012
Kakinada petrochem project strengthens with new MoU
G M Rao, Chairman, GMR Group.

HYDERABAD, INDIA: Infrastructure major GMR is roped in a partnership to take Kakinada greenfiled petroleum refinery and petrochemicals project forward. The refinery, which the group has been working on for some time now, will have a capacity of around 15 million tonne per annum and is expected to cost Rs30,000 crore ($5.84 billion). The refinery will be part of the petroleum, chemical and petro-chemical investment region (PCPIR) in the Visakhapatnam-Kakinada belt along the east coast of the country. GMR group signed an agreement with the Andhra Pradesh government to implement projects. GVK group is expected to sign MoU (memorandum of understanding) with the state government.

GMR took a plunge into the project in June 2008, after state-owned oil and natural gas corp (ONGC) decided not to join the proposed refinery project. The GMR Group subsequently picked up a 51per cent stake in the company. While 46 per cent of the stake is jointly held by IL&FS and Kakinada Seaports, 3 per cent is owned by Andhra Pradesh Industrial Infrastructure Corp Ltd. “The company will also set up an integratred investment park to create an ecosystem at Kakinada involving an investment of Rs 3,000 crore,” said G M Rao, Chairman, GMR Group.

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