GMR Group to Invest Rs 5,000 Crore in Bhogapuram International Airport Development
The GMR Group has announced its plans to invest Rs 5,000 crore in the first phase of the development of an international airport at Bhogapuram, near Visakhapatnam. The announcement was made by GM Rao, Chairman of GMR Group, during the inaugural session of the Global Investors Summit 2023.
According to Rao, the first phase of the airport will have the capacity to serve six million passengers per annum, with the ultimate capacity reaching 40 million passengers per annum. He added that the airport will be equipped with state-of-the-art cargo facilities to cater to exports, and an aerotropolis and airport city will be developed around the airport, consisting of an industrial zone, airspace zone, education zone and healthcare zone.
Rao also stated that the airport would replicate the success of Hyderabad aerodrome and transform Visakhapatnam city, making the state the most preferred investment destination on the global map. With this investment, the GMR Group aims to boost the aviation sector in the region and contribute to the growth of the Indian economy.
About GMR Group:
GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (EPC) contracting activities.
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