Companies sign MOUs worth Rs. 1,741 crore

The Sri City, a multi-product Special Economic Zone located 55 km north of Chennai, has attracted huge investments from nearly 16 international companies.

The companies signed MoUs to this effect at the Partnership Summit 2012 held by the Andhra Pradesh government in the State capital.

These global companies included NHK Spring, Unicharm and Kobelco based in Japan, Lavazza from Italy and Alstom from France. NHK Spring has proposed to invest Rs.300 crore and create employment for 400 people.

The overall worth of the MoUs inked by the companies with the government for developing their ventures at Sri City came to Rs.1,741 crore and the total employment potential was put at 2,764.

Sri City managing director Ravindra Sannareddy told The Hindu that there was good response from the Japanese companies too. It was the second summit that Sri City participated in since its inception and a positive environment has been created for its growth. At the Chennai summit in 2009, Sri City saw signing of MoUs worth nearly Rs.500 crore.

In a span of three years, Sri City has attracted 65 companies becoming one of the best SEZ success stories in the country, he added.

Among the companies that signed agreements for Sri City was IMOP, a part of Mitsubishi Group, a Japanese conglomerate. Nearly four companies from Japan came forward with investments close to Rs.1,000 crore and would generate employment for 1,500.

Italian company Danieli signed an MoU worth Rs.300 crore with employment for 500. Everton, Italy, proposed to invest Rs.9 crore to create 70 jobs.

Other international companies include Hunterdouglas (Netherlands), Chetra (Russian), Began Pipe (UK), and Eagle Burgmann (Denmark).

Indian companies include Astrotech Steels (Rs.41 crore), Free World (Rs.33 crore), Omini Auto (Rs.24 crore) and Tecpro (Rs.12 crore).

  • Nearly 16 international companies signed MoUs at the Partnership Summit 2012 held by the State

  • Companies include Hunterdouglas, Chetra, Began Pipe, Eagle Burgmann, and IMOP