GMR Infrastructure Ltd. has signed Memorandum of understanding (MoU) with Guizhou International Investment Corporation (GIIC) for developing Kakinada special economic zone (SEZ) in Andhra Pradesh.
On behalf of GMR Infrastructure Ltd. the MoU was signed by its subsidiary Kakinada SEZ (KSEZ) Pvt. Ltd- President Challa Prasanna in the presence of Prime Minister Narendra Modi and GMR founder Grandhi Mallikarjuna Rao in Beijing, China.
The MoU seeks to set up industrial park for Chinese high-end equipment manufacturing companies in Kakinada SEZ (KSEZ). In this regard, a consortium of three Chinese manufacturing firms- GIIC plans to set up 2,000 acres industrial park.
It should be noted that KSEZ is a port-based multi-product special economic zone, spread over about 10,500 acres.
The fully developed facility by KSEZ and GIIC will in turn generate over 5,000 jobs for both skilled and unskilled workers.
For developing the infrastructure and various facilities of the industrial park GIIC will invest $500 million. In addition, Chinese companies setting up units at the park will invest $ 2-3 billion on their operations over five years.