GMR Infra’s Kakinada SEZ signs MoU with Guizhou International Investment Corporation, China
- GIIC to set up 2000 acres of Industrial Park in Kakinada SEZ for Chinese manufacturing companies
- Investments up to USD 2.5 - 3.5 billion expected in next 5 years
SHANGHAI, MAY 18, 2015: Kakinada SEZ Pvt. Ltd. (KSEZ), a subsidiary of GMR Infrastructure Limited, signed a Memorandum of Understanding (MoU) with Guizhou International Investment Corporation (GIIC) - a consortium of three leading Chinese manufacturing companies - to set up industrial park for the high end Chinese equipment manufacturing companies.
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The agreement was signed by Mr. Challa Prasanna, President Kakinada SEZ in presence of Hon’ble Prime Minister of India and Mr.BVN Rao, Business Chairman - Transportation & Urban Infrastructure of GMR Infra and senior officials of GIIC.
Chinese companies from power equipment, electronics, wind & solar energy, smart technologies, etc., are planning to set up their manufacturing units in Kakinada SEZ. Apart from world class infrastructure facilities, these companies will also be able to avail various benefits from Prime Minister’s "Make in India" campaign and Government of Andhra Pradesh’s investment incentives in the Sun-rise state.
Speaking on the occasion, Mr. BVN Rao, Business Chairman - Transportation & Urban Infrastructure, GMR Infrastructure Ltd. said,
"this is a moment of pride for us. Through this MoU with GIIC, China, we were not only able to attract investments but also provide economic development to the region and State. As India’s leading Infrastructure Company, we were able to foster Global Partnerships through mutual consent and in accordance with the relevant domestic laws and regulations of each country.”
GIIC would invest USD 500 million in developing the infrastructure and various facilities of the industrial park, which would house leading Chinese manufacturing industries. These Chinese companies would additionally invest USD 2-3 billion in setting up their operations over next 5 years.
GIIC plans to set up 2000 acres Industrial Park in Kakinada SEZ for the Chinese High-end equipment manufacturing companies. This world class industrial park developed by KSEZ and GIIC will bring development across entire Kakinada, and generate more than 5000 jobs for both skilled and unskilled workers.
KSEZ is a port based Multi Product Special Economic Zone, spread over approximately 10,500 acres. Situated strategically on the Eastern Coast in an area rich in oil and natural gas deposits, this has an excellent logistical linkages to National Highways, Railway networks, Air and Sea Ports. This SEZ caters to the existing process industries and emerging industries like Refinery, Renewable Energy, Ship Building, Biotech, Nanotech, IT/ITES, Toys, Games and Sports Goods manufacturing Park etc.
About GMR Infrastructure Limited:
GMR Infrastructure Ltd. is a Bangalor headquartered Infrastructure group with interests in Airports, Energy, Highways and Transportation & Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 15 Power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 9 assets (including 2 in which the Group holds minority interest) across the country. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Hyderabad as a gateway to south and central India. The Group has been recently awarded the Mactan-Cebu International Airport project in the Philippines for renovation, operation and maintenance with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which carries out work in 24 locations.
For further information about GMR Group, visit http://www.gmrgroup.in/index.html
Group Head & VP – Corporate Communications
AGM – Corporate Communications