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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