GMR Infra arm to develop port

GMR Infrastructure’s step down subsidiary, Kakinada Gateway Port (KGPL) has signed the Concession Agreement with the government of Andhra Pradesh for the development of a greenfield commercial port on Design, Build, Finance, Operate and Transfer (DBFOT) basis in Kona Village, East Godavari District, Andhra Pradesh.

The concession has been awarded for a fee of 2.7 per cent of revenue share in the first 30 years of COD, 5.4 per cent of revenue share in the years 31 to 40 and 10.8 per cent revenue share in the years 41 to 50. The port would be developed in an area of approximately 1,811 acres owned by KSEZ.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

The promoters holding in the company stood at 62.96 per cent, while Institutions and Non-Institutions held 26.39 and 10.66 per cent, respectively. Last one week high and low of the scrip stood at Rs. 17.10 and Rs. 16.00, respectively. The current market cap of the company is Rs. 9,898.95 crore.

On Thursday’s trade, the stock has opened at Rs. 16.65 per share and touched a high/low of Rs.16.75/Rs.16.40 per share and at 10:33 hours, the stock is quoting at Rs. 16.46 per share.