labels: industry - general, economy - general
GMR to develop multi product special economic zone in Tamil Nadunews
06 August 2007

GMR Infrastructure Ltd today entered in to an agreement with the Tamil Nadu Industrial Development Corporation (TIDCO) to develop a multi product special economic zone (SEZ) in the southern state''s Krishnagiri District.

The work on the proposed SEZ would be executed through a special purpose vehicle to be set up as a joint venture between GMR and Tamil Nadu Industrial Development Corporation (TIDCO), which had selected GME as the co-developer through a two stage competitive bidding process

GMR says the SEZ would be over 3300 acres at an estimated cost of Rs11,000 crore of which Rs2300 crore would be for infrastructure creation. It will focus on a variety of industries ranging from bio technology, IT and ITeS besides the traditional electronics and engineering..

The land that would be dry and free of any cultivation is expected to be procured by the SPV over a period of one year.

The SEZ, in close proximity to Bangalore Metropolis, the metro''s industrial suburb, is due to be operational by 2009, with the entire development expected to be completed by 2014.

The project is expected to generate exports around Rs16,000 crore by the fifth year of operation (2014), GMR says.


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GMR to develop multi product special economic zone in Tamil Nadu