GMR Group to develop 500-acre aviation hub in Andhra Pradesh
Chairman G M Rao announced the development of an aviation city during the CII Partnership Summit on Thursday.
GMR Group is developing a 500-acre aviation and aerospace ecosystem in Andhra Pradesh, according to reports by Business Standard, Urban Acres and BusinessLine. The company is planning the project as an aviation city alongside an airport.
Addressing the CII Partnership Summit on Thursday, GMR Group Chairman G M Rao said that besides the airport, the group is developing this ecosystem in the state. The company has not yet disclosed the precise location, investment value or a project timeline.
Rao stated that the airport is a new economic engine, noting that while economics previously grew around ports, railway stations and city centres, it now grows around airports. He added that Visakhapatnam will be the 'Bombay of the East'.
The chairman described Andhra Pradesh using four words: trade, technology, trust, and thought leadership. He also noted that the government led by Chief Minister N Chandrababu Naidu acts with remarkable speed, which investors have witnessed firsthand.
The announcement does not specify if the ecosystem will include manufacturing, maintenance, repair facilities, logistics or training institutions. Details regarding land acquisition, construction phases or the number of participating companies have not been released.