GMR to build new refinery and petrochemicals complex in India
GMR Holdings, the holding company of GMR Group, has announced a five-year project to set up a refinery-cum-petrochemicals complex in Kakinada, Andhra Pradesh, India.
The Rs300bn ($5.71bn) project will set up a 15-million-ton-per-annum greenfield petroleum refinery with a downstream petrochemical complex, and will be developed in a multiproduct special economic zone (SEZ) being built by GMR Infrastructure and Kakinada Seaports, a unit of Tropical Dimension.
GMR picked up a 51% stake in the company. IL&FS and Kakinada Seaports will jointly own 46% and Andhra Pradesh Industrial Infrastructure the remaining 3%. The refinery is a part of the petroleum, chemical and petro-chemical investment region (PCPIR) in Visakhapatnam-Kakinada, company officials said.
GMR Group SEZ division chief operating officer SG Kishore told Livemint that they are looking for a strategic partner for the project, saying, "Now we are in a stage where we are going into detailed physical study, detailed engineering."
GMR Group is a major infrastructure company in India headquartered in Bangalore, India. The core business areas of the company include airports, energy and highways; apart from having presence in the agriculture and aviation sectors. GMR Infrastructure is the infrastructure holding company formed to fund the capital requirements of various infrastructure projects across the sectors. It undertakes the development of infrastructure projects through various subsidiaries.