Shanghai: Bengaluru based GMR Infrastructure Limited (GMR) on Monday said it has entered into an agreement with GIIC to set up industrial park in its SEZ here in Andhra Pradesh attract an immediate investment of $500 million.
Guizhou International investment Corporation (GIIC) is a consortium of three leading Chinese manufacturing companies.
In a statement, the company said Chinese companies from power equipment, electronics, wind & solar energy, smart technologies and other sectors are planning to set up their manufacturing units in Kakinada SEZ (KSEZ).
An investment of $500 million has been planned by the Chinese consortium to develop the infrastructure and other facilities in the industrial park which will house some of the leading Chinese manufacturing industries.
"These Chinese companies would additionally invest $2-3 billion in setting up their operations over next five years", the company said.
It said the investing companies will get incentives from the state besides availing "benefits" under the Make in India campaign.
"Through this MoU with GIIC, China, we were not only able to attract investments but also provide economic development to the region and state," the company's business chairman for transportation and urban infrastructure, B.V.N. Rao, said.
According to GMR, the Chinese conglomerate has plans to set up 2,000-acre Industrial Park in the SEZ for the Chinese high-end equipment manufacturing companies.
"This world class industrial park developed by KSEZ and GIIC will bring development across entire Kakinada, and generate more than 5000 jobs for both skilled and unskilled workersa, the company said.
The SEZ in Kakinada is a port-based multi product Special Economic Zone, spread over approximately 10,500 acres and is a subsidiary of GMR.
