GVK wins bid to develop multi-product SEZ in Tamil Nadu; SPV being readied
Posted online: Saturday, July 07, 2007 at 0005 hours IST
CHENNAI, JUL 6: Hyderabad-based GVK group, engaged in infrastructure
development, power generation, toll roads, airports, has won the
international competitive bidding process floated by the Tamilnadu
Industrial Development Corporation (TIDCO) to develop a multi-product
special economic zone (SEZ) at Perambalur in Tamil Nadu.
GVK will be floating a special purpose vehicle—GVK Infratech Pvt Ltd—in
association with TIDCO—to attract huge investments from domestic as well
as global investors.
A memorandum of understanding between TIDCO and GVK group was signed in
the presence of the chief minister M Karunanidhi on Friday.
GVK Infratech will create common infrastructure such as internal roads,
water supply, captive power plant, CETP, testing, warehousing facilities
among others at an estimated investment of Rs 1,500 crore and these
investments will be made over a period of five years, said a TIDCO
statement issued here.
The state government has already issued administrative sanction for
acquiring 3,156 acres of land of dry and barren land for this project.
The Union government has given an in-principle approval for this
The state government hopes that the proposed SEZ will generate
investments to the tune of Rs 5,000 crore with an employment opportunity
for more than 50,000 people. The project, expected to be completed
before 2009, would bring in an export revenue of Rs 6,000 crore.
The SEZ will cater to industries such as textiles, garments, leather,
engineering goods, pharmaceuticals, power, IT and ITeS, iron & steel,
fertilisers, chemicals, petrochemicals, floriculture, horticulture,
electronic & communication, said GV Krishna Reddy, chairman, GVK group.
Speaking on the occasion S Ramasundaram, CMD, TIDCO said, "I am very
happy that GVKPIL and the Tamil Nadu government have tied up to jointly
develop a special economic zone in Perambalur district. I am confident
that TIDCO's long experience in setting up industrial parks coupled with
GVK's established track-record as an integrated infrastructure developer
will result in a world-class project that would attract large
investments in the state, create huge employment opportunities for our
people and bring immense prosperity in the region. This would go a long
way in consolidating Tamil Nadu's position as the leading industrial
state in the country."