GMR Infrastructure, the infrastructure holding company of GMR group, through its subsidiary has made a successful bid to develop a greenfield commercial port through Swiss Challenge mode. The greenfield port would be at 30 km North from the city of Kakinada and proposed to be developed as an all-weather, deep draft, multi cargo port.

The port is located at one of the strategic nodes of Vizag Chennai Industrial Corridor and is expected to benefit from the associated corridor developments. Given the strategic location, the port is expected to become the Gateway to the East Coast of India. Once operational, the port will have initial capacity of 16 MnT.

Shares of the company gained Rs 0.15, or 0.96%, to trade at Rs 15.70. The total volume of shares traded was 385,081 at the BSE (9.39 a.m., Thursday).