Special Correspondent

Projects worth Rs.5,000 crore will come up there

CHENNAI: The GVK group on Friday signed a Memorandum of Understanding with the Tamil Nadu Government for developing of a multi-product Special Economic Zone in the backward Perambalur district.

The Hyderabad-based group will develop the Rs.1,500-crore SEZ on 3000 acres by 2009. Projects involving an investment of Rs.5000 crore will come up in the SEZ. They would provide employment for 50,000 persons. The Government expects annual export earnings of about Rs.6,000 crore.

The MoU to jointly develop the SEZ was signed by GVK group chairman G.V. Krishna Reddy, Tamil Nadu Industrial Development Corporation chairman and managing director S. Ramasundaram and State Industries Secretary Shaktikanta Das in the presence of Chief Minister M. Karunanidhi, Electricity Minister Arcot N. Veerasamy and Union Information Technology and Communications Minister A. Raja.

Mr. Das said the group was selected to develop the SEZ after a transparent tender process. Mr. Reddy said the project was an “excellent example” of private-public partnership and added that the State offered great investment opportunities.