The Chinese companies will utilise 2,000 acres of land in KSEZ
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Kakinada: The GMR Group on Monday said that it has signed an agreement with Guizhou International Investment Corp (GIIC), a consortium of three Chinese manufacturing companies, to set up factories at its SEZ in Kakinada, Andhra Pradesh.
Apart from investing $500 million for developing infrastructure at the SEZ, the Chinese companies “would additionally invest $2 billion to $3 billion in setting up their operations over next five years.”
Chinese companies from power equipment, electronics, wind & solar energy, smart technologies, etc. are expected to set up their manufacturing units in Kakinada SEZ (KSEZ) — a port based Multi Product Special Economic Zone, spread over approximately 10,500 acres.
The Chinese companies will utilise 2,000 acres of land in KSEZ and is expected to generate more than 5,000 jobs for both skilled and unskilled workers. Kakinada SEZ, a subsidiary of GMR Infrastructure, president C. Prasanna signed a memorandum of understanding with GIIC in the presence of Prime Minister Narendra Modi.
“Through this MoU with GIIC, China, we were not only able to attract investments but also provide economic development to the region and the state,” said B.V.N. Rao, business chairman, transportation and urban infrastructure, GMR Infrastructure. He said that the MoUs with GIIC, China will not only attract investments but also, provide economic development to the region and state.
( Source : dc correspondent )
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