The GMR Group, which is building an international airport in Bhogapuram near Visakhapatnam, will invest Rs 5,000 crore in the first phase of construction.

GM Rao, chairman of GMR Group, stated at the inaugural session of the Global Investors Summit 2023 in Visakhapatnam that the first phase of the airport will be developed to serve six million passengers per year.

"We plan to build Bhogapuram Airport in phases, with the first serving six million passengers and the final capacity reaching 40 million (per annum). The first phase of investment will be worth Rs 5,000 crore "Rao stated.

According to him, the airport will have cutting-edge cargo facilities that will cater to exports, as well as an aerotropolis and airport city surrounding the airport that will include an industrial zone, an airspace zone, and education and healthcare zones.

Rao went on to say that the airport would replicate the success of the Hyderabad aerodrome, assisting in the transformation of Visakhapatnam and putting the state on the global map as the most preferred investment destination.