Hyderabad: Infrastructure firm GVK Power and Infrastructure Ltd plans to develop a port alongside a special economic zone that the company is setting up.
“We are looking at setting up two multi-product SEZs in South India. We also plan to construct a medium sized port in South India which will be attached to one of the SEZs,” said Chairman G.V. Krishna Reddy. He declined to elaborate saying plans were at a preliminary stage.
The company has recently bid for two SEZs spread over 3,000 acres. GVK plans to get into the port development business in a big way.
Gujarat, which has 1,000 km of coastline, had recently announced plans to develop 10 mini and medium size ports and invited bids from developers. GVK has submitted an expression of interest to the Gujarat government to develop all the ports.
“In view of the group’s profile and well-entrenched management with long-standing experience in the infrastructure field, the proposed forays into ports, if successful, may create substantial shareholder value in the long term,” Nitin A. Khandkar, vice-president, research, Keynote Capitals had said earlier.
The company, which has interests in airports, power, roads and services, recorded revenue of Rs1,200 crore and net profit of Rs250 crore in 2006-07. It hopes to record revenue of Rs2,000 crore and double its profit to Rs500 crore in 2007-08.