The sprawling 5000 acres private city on the National Highway-5, a part of the golden quadrilateral connecting the four major metros with well-demarcated industrial zones and an adjacent domestic tariff area in the bordering district of Andhra Pradesh, is set to have the strategic advantage of sharing a proximate corridor with Sriperumbadur autocomponent cluster - outer of Chennai and manufacturing cluster units near Gummidipoondi and other manufacturing industries - located north of Chennai.
The upcoming city is also close to 3 sea ports and 2 airports with 2 sea ports having closer access to the Ennore (40 km) and Chennai ports (65 km) and with one international airport (75 km) also in Chennai - all opening a floodgate of opportunities for jobs and businesses between Sri City and Chennai.
The new multi-product SEZ is envisaged to generate employment for 1.75 lakh people with an overall investment of Rs 17,500 crore, said Chief Minister of Andhra Pradesh, Y S Rajasekhara Reddy in his keynote address.
Explaining Indias rationale in jumping the SEZ bandwagon, L B Singhal, director general of export promotion council for EOUs and SEZ units, ministry of commerce, government of India, said the countrys venture is based on the success of 3,600 SEZs generating 420 lakh jobs around the globe.
SEZs in India have attracted investments to the tune of Rs 73,000 crore and contributed to the export kitty of around Rs 60,000 crore, providing employment to around 3.30 lakh people in the country, he said.
Lauding the governments role in roping national and international SEZ developers, Bhaskar Subramanian, associate director, PWC (PricewaterhouseCoopers) said the government sops in both direct and indirect taxes in various state governments is encouraging various reputed players both national and international to set up shop in India.
Ravindra Sannareddy, chairman, Sri City (P) Ltd said the setting up of 5000 acres SEZ and DTA (Domestic Tariff Area) encompassing a landmass in Nellore and Chitoor districts of Andhra Pradesh in a way is repaying the debt of gratitude he owes to his native region of the state .
Raj Reddy, investor & advisor, Sri City in his tele-conference address declared that region would witness a robust growth and development after the completion, connectivity and infrastructure.