Chennai, July 30 (UNI) Andhra Pradesh-based Sri City Private Limited today announced setting up of South India's largest multi-product private sector SEZ near TADA, about 55 km from here, on the Tamil Nadu-Andhra Border with an initial investment of Rs 1,000 crore.
The SEZ would attract investments to the tune of Rs 8,500 crore and generate employment opportunities for over 1.75 lakh people, Sri City promoter and Chirman Ravindra Sannareddy told reporters here today in the presence of Andhra Pradesh Minister for Major Industries, Sugar, Commerce and Export Promotion Geeta Reddy.
The Sri City SEZ would be a multi-product Special Economic Zone with a focus on the manufacturing sector and is set to arrive on the investment radar of global companies with state-of-the-art infrastructure, an international ambience and a distinct advantage of well-established connectivity by rail and road, and proximity to three seaports and two airports.
Coming up with functional partnership from the Andhra Pradesh Government, the SEZ had been envisioned to become the launchpad for top-league domestic and international businesses as it would be a world-class integrated Business City with sustainable, scalable and reliable infrastructure.
Master-planned by Jurong Consultants, Singapore, Sri City spreads over 5,000 plus acres with an SEZ area of 3,800 acres.
The master-plan allows for well-demarcated industrial zones which include Auto Components, Light-engineering, Logistics and Warehousing, Electronics/Hardware, Apparel and Fashion, Renewable Energy, Biotech, IT/BPO and other eco-friendly industries.
A Domestic Tariff Area was also being developed adjacent to the SEZ. The product options included developed land parcels, Ready-Built Factories and Built-to-Suit facilities.
The development of the project would be completed in phases over a period of five years with an initial investment of Rs 1,000 crore.
About 300 units were eventually expected to operate in Sri City with an estimated investment of over Rs 8,500 crore with employment opportunities for approximately 1.75 lakh people.
UNI GV SJ 1604