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GMR Infra down 4% despite subsidiary sings MoU for natural gas supply

11 October, 2018 9:17 AM
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GMR Infra down 4% despite subsidiary sings MoU for natural gas supply

Shares of GMR Infrastructure shed 4 percent intraday Thursday. The company's subsidiary has signed MoU with APGDC for supply of piped natural gas.

Kakinada SEZ, a subsidiary of GMR Infrastructure, signed a MoU (Memorandum of Understanding) with the Andhra Pradesh Gas Development Corporation (APGDC) to get access to piped domestic natural gas for its upcoming 10,500-acre zone.

With this development, Kakinada SEZ would be the first zone on Eastern Coast of India that can provide piped Natural Gas supply to all its industrial units, company said in press release.

The zone is located on the Vizag-Chennai Industrial Corridor offers 8521 acres of Industrial land with another 1879 acres earmarked for a Greenfield commercial port.

Challa Prasanna, CEO, Kakinada SEZ said, “This unique development will be a boon for gas dependent industries like ceramics, glass, fertilizers and chemicals in this region."

At 14:34 hrs GMR Infrastructure was quoting at Rs 16.00, down Rs 0.40, or 2.44 percent on the BSE.

Source: moneycontrol.com

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