GVK and TIDCO to jointly develop SEZ in TN

New Delhi, July 6: GVK today signed a Memorandum of Understanding (MoU) with Tamil Nadu Industrial Development Corporation (TIDCO), a Government of Tamil Nadu Undertaking, to jointly develop a multi-product Special Economic Zone (SEZ) in Perambalur district.

The project has received an in-principle approval from the Board of Approval of the Ministry of Commerce and will attract investments of Rs 5,000 crore over a period of seven years.

GVK will partner with TIDCO to develop an Integrated Multi-Product SEZ, spread over an area of 3,000 acres and will cater to industries such as textile/garments, leather, engineering goods, pharmaceuticals, power, IT/ITES, iron, steel, fertilizers, chemicals, petrochemicals, floriculture, horticulture, electronic and communication.

The MoU was signed in the presence of Chief Minister Tamil Nadu M Karunanidhi by GVKPIL Chairman G V Krishna Reddy and TIDCO Chairman S Ramasundaram.

The project is being implemented through a Special Purpose Vehicle (SPV) company, GVK Infratech Pvt Ltd, a wholly owned subsidiary of GVK Power and Infrastructure Ltd, said a statement.

The SPV with its core team will execute the project with responsibilities such as land acquisition, development and infrastructure construction along with other project related activities, the statement added.

''The GVK- TIDCO MoU is an excellent example of a public-private partnership that is aimed at creating state-of-the-art infrastructure and facilities for industrial development. The decision to partner with Tamil Nadu was based on the ample opportunities that the state offered,'' said Mr Reddy.

The project is to create new employment opportunities for more than 50,000 people in the region and generate expected annual export earnings of Rs 6,000 crores.

The GVK-led consortium have also been mandated to operate, manage and develop the Chhatrapati Shivaji International Airport in Mumbai.

UNI

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