India Revives Kakinada Petchem Plan With New Agreement

GMR Holdings (Bangalore), a major infrastructure company, has signed a memorandum of understanding (MoU) with the state government of Andhra Pradesh, India to invest Rs300 billion ($5.84 billion) in a planned refinery and petrochemicals complex at Kakinada, India. The signing took place earlier this month at Hyderabad, India during an event that aimed to attract investors to the previously announced Visakhapatnam-Kakinada Petroleum, Chemical, and Petrochemical Investment Region (PCPIR). GMR, as part of the plan, is acquiring a 51% stake in Kakinada Refinery &...

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