The consortium led by the State Bank of India (SBI) granted approval for a loan worth Rs 30 billion for the development of Kakinada Gateway Port project. The Kakinada Gateway Port Private Limited (KGPPL), a subsidiary of Aurobindo Realty & Infrastructure Private Limited is a special purpose vehicle (SPV) for the project. It has invested approximately Rs 3 billion in crucial facilities, such as breakwaters, before proceeding with the remaining construction activities. The KGPPL has secured all necessary permissions for dredging activity and the construction of three berths for the first phase of the project.
The project involves the development of a greenfield commercial port in the East Godavari district of Andhra Pradesh on a 7 km long coastline that has a potential to accommodate very large cargo vessels after it is deepened by 22 metres on public-private partnership mode. The capacity of the project in phase I is 16 million tonnes per annum (mtpa). The project is likely to be commissioned by mid-2025.
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