Hyderabad-based GMR Group has announced plans to invest Rs 5,000 crore in developing an international airport at Bhogapuram, near Visakhapatnam. At the Global Investors Summit 2023, being held in Vizag, GMR Group’s Chairman, GM Rao, announced that the airport would initially have the capacity to serve six million passengers and ultimately cater to 40 million passengers annually.
In addition to the passenger terminal, the airport will have state-of-the-art cargo facilities to cater to exports. A metropolis and airport city will also be developed around the airport, consisting of an industrial zone, an airspace zone, and education and healthcare zones.
Rao believes that the Bhogapuram International Airport will replicate the success of Hyderabad’s aerodrome and help transform Visakhapatnam. He also expects it to position the state as the most preferred investment destination on the global map.
The airport is expected to play a significant role in the region’s economic growth, with the potential to create numerous job opportunities. It will also improve connectivity between Visakhapatnam and other parts of India and attract more tourists to the region.
The Bhogapuram Airport is one of the many infrastructure development projects planned in Andhra Pradesh as part of the state government’s efforts to attract investors and accelerate economic growth. The GMR Group has been awarded the contract to build and operate the airport, and construction is expected to begin soon.
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