GVK, TIDCO sign MoU for SEZ

Chennai, July 6: Infrastructure development major GVK today signed a Memorandum of Understanding (MoU) with the Tamil Nadu Industrial Development Corporation (TIDCO) to jointly develop a multi-product Special Economic Zone (SEZ) in Perambalur district.

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

As per the agreement, GVK would partner with TIDCO to develop an integrated multi-product SEZ over an area of 3,000 acres and would cater to industries such as textile, garments, leather, engineering goods, pharmaceuticals, power, IT/ITES, Iron and Steel, Fertilisers, Chemicals, petrochemicals, Floriculture, Horticulture, Electronics and Communication among others.

The JV project would be implemented through a Special Purpose Vehicle company GVK Infratech Private Limited, a wholly owned subsidiary of GVK Power and Infrastructure Limited. The project was expected to attract investment to the tune of Rs 5,000 crore over a period of seven years.

It would create new job opportunities for over 50,000 people in the region and generate annual export earnings of about Rs 6,000 crore.

Speaking on the occasion, Mr Reddy said the MoU was an excellent example of a public-private partnership that was aimed at creating state-of-the-art infrastructure and facilities for industrial development.

UNI