GMR Group entered into an MOU with Tamil Nadu Industrial Development Corporation (TIDCO) for the development of a Multi Product Special Economic Zone (SEZ) in Krishnagiri District, Tamil Nadu.
The SEZ will be developed through a Special Purpose Vehicle (SPV) to be set up through a Joint Venture partnership with TIDCO. This multi- product SEZ will be spread around 3300 acres in the Krishnagiri District of Tamil Nadu.
The selection of the co-developer by TIDCO was carried out through a two-stage competitive bidding process.
The non- agricultural land is expected to be procured by the SPV over a period of one year.
A project with many advantages
The SEZ is advantageously located in close proximity to Bangalore. It would be operational by 2009, with the entire development process to be completed by 2014.
Other Key Features
- This multi product SEZ will focus on a variety of industries ranging from Bio Technology, IT and ITES besides the traditional electronics and engineering areas.
- It will be of global standards comprising, green corridors with a special emphasis on high quality and social infrastructure. Ecological efficiency and sustainability shall be the key elements.
- Additional benefits of this SEZ include excellent connectivity through state highway NH 7 and a good railway network.
- Over three lakh people would be benefiting from this SEZ, both through direct and indirect employment.
- An added advantage of this project would be the related development through its multiplier effect, on the physical and social infrastructure in the region.
A ‘Community based Participative Approach’ shall be adopted by the SPV, for land procurement where adequate attention will be given to compensation, relief and complete rehabilitation measures to all land owners.