Kakinada SEZ Pvt. Ltd., a subsidiary of GMR Infrastructure Ltd., has signed an MoU with Guizhou International Investment Corporation (GIIC) to set up industrial park for Chinese equipment manufacturing companies.
A consortium of three Chinese manufacturing firms, GIIC plans to set up 2,000 acres industrial park in Kakinada SEZ for Chinese high-end equipment manufacturers.
The facility, to be developed by KSEZ and GIIC, will generate over 5,000 jobs for both skilled and unskilled workers, a statement from GMR Infrastructure said.
InvestmentGIIC would invest $500 million in developing the infrastructure and various facilities of the industrial park. In addition, Chinese companies that would set up units at the park would additionally invest $2-3 billion on their operations over five years. Chinese companies in the field of power equipment, electronics, wind and solar energy, smart technologies are planning to set up their manufacturing units in Kakinada SEZ.
GMR Infrastructure Ltd., Business Chairman (Transportation and Urban Infrastructure) BVN Rao said the MoU would help in economic development of the region and the State.
KSEZ is a port-based multi product special economic zone, spread over about 10,500 acres.
The MoU was signed by Kakinada SEZ President Challa Prasanna in the presence of Prime Minister Narendra Modi and Mr. Rao and senior officials of GIIC, the release said.
