As per the MoU, GIIC would invest $500 million in developing the infrastructure and various facilities of the industrial park, which would house Chinese manufacturing industries. These Chinese companies would additionally invest $2-3 billion in setting up their operations over the next five years. The park will generate more than 5,000 jobs for both skilled and unskilled workers, GMR Infra said in a statement.
Kakinada SEZ Pvt Ltd (KSEZ), a subsidiary of GMR Infrastructure, has signed a memorandum of understanding with Guizhou International Investment Corporation (GIIC), a consortium of three leading Chinese manufacturing companies, to set up a 2,000-acre industrial park for Chinese equipment manufacturing companies.
BVN Rao, business chairman – transportation and urban infrastructure, GMR Infrastructure Ltd, said, “Through this MoU with GIIC, China we are not only able to attract investments but also provide economic development to the region and state.” The agreement was signed by Challa Prasanna, president, Kakinada SEZ in the presence of Prime Minister Narendra Modi and BVN Rao during Prime Minister’s visit to China last week.
KESZ is a port-based multi product SEZ, spread over around 10,500 acres, located on the port town of Kakinada on the eastern coast.