Chinese consortium to invest $500 mn in GMR SEZ.

Kakinada SEZ Pvt Ltd. (KSEZ), a subsidiary of Bengaluru-based infrastructure major GMR Infrastructure, has signed an agreement with Guizhou International Investment Corporation (GIIC) to set up an industrial park for high-end Chinese equipment manufacturing companies.

According to the agreement, GIIC, a consortium of three leading Chinese manufacturing firms, will invest $500 million in developing the infrastructure and various facilities of the industrial park, which would house leading Chinese manufacturing companies. These firms would additionally invest $2-3 billion in setting up their operations over the next five years.

GIIC plans to set up a 2,000-acre industrial park in KSEZ for the Chinese companies. The park, which will be developed by KSEZ and GIIC, will bring development to the entire Kakinada region and generate about 5,000 jobs for both skilled and unskilled workers, GMR Infra said in a filing to the BSE.


BS