Govt approves HGSEZ's 200-acre Rajiv Gems Park near Hyderabad

New Delhi, Jun 20 (UNI) The Gitanjali Group promoted Hyderabad Gems Special Economic Zone Ltd (HGSEZ) today said it has received the final approval from the central government, for setting up of the 200-acre Rajiv Gems Park in Shamshabad near Hyderabad, with an investment Rs 500 crore.

''The central government's swift approval is a reiteration of its commitment to the progress and development of the industry.

The state government's support has ensured that project work is on with full speed and now it will gather more momentum. The first units, numbering over 20, will start manufacturing jewellery here very shortly,'' HESZ CEO Mehul Choksi said.

This SEZ will not only boost the country's manufacturing ability and exports but also provide employment to over 50,000 personnel directly, the CEO added.

The Andhra Pradesh government had sanctioned its approval and handed over the land last year and work on the first phase had commenced in November last.

The project will see an estimated turnover of Rs 5,000 crore when it is fully operational, a company statement said here.

The SEZ, the third of its kind in the country after Santa Cruz in Mumbai and Salt Lake in Kolkata, is expected to be fully operational by the end of 2008.

Apart from local Indian DTC sight holders and other diamond and jewellery manufacturing companies, the group is also pushing for some of the big brands in the Gulf to set up their manufacturing plants in this SEZ.

To enhance prospects, the park will also function as a commercial hub with all the essential add-ons and an additional advantage of a diamond trading bourse.

The park will house more than 75-100 diamond, plain and studded gold jewellery and watches manufacturing units.

UNI CS RA HT1550