South India’s largest SEZ to attract Rs 17.5k cr funds

Infrastructure Bureau
Posted: Thursday, Jul 31, 2008 at 0026 hrs IST
Updated: Thursday, Jul 31, 2008 at 0026 hrs IST

Font Size

Feedback

Discuss

India needs 5 lakh project managers in future: PMI JSL reports net profit of Rs 62.75 cr Centre envisages $80 bn investment on roads Delays hit ArcelorMittal Rs 1 lakh cr project in I...

Chennai, Jul 30: Sri City (Private) Ltd, promoted by an NRI and the chairman of BSE-listed Mega Soft Ravindra Sannareddy and his associates, is setting up south India’s largest notified multi-product SEZ (special economic zone) at Tada in Chittoor district of Andhra Pradesh, which is 55km away from Chennai with a clear focus on manufacturing and IT/ITeS/BPO sectors. The other equity partners of this mega SEZ include Andhra Pradesh Industrial Development Corporation (APIDC) (minority stakeholder), private equity funds and banks.

Developed with an initial investment of Rs 1,000 crore, the SEZ would come up in a sprawling 5,000 acres of land including domestic tariff area. “It is expected to attract initial investments of Rs 8,500 crore in first three phase of operations which will be increased to Rs 17,500 crore,” said Ravindra Sannareddy, chairman, Sri City. In addition to that, the SEZ is expected to attract Rs 10,000 crore investment through hospitals, hotels, resorts and other recreational facilities to be developed by private players. “This is the first major private-public development project,” he added.

Addressing a press conference on Wednesday, Sannareddy said, “The SEZ will generate over 100,000 direct employment and another 1,75,000 jobs indirectly. We have completed the financial closure as well as land acquisition and the company has already started developing necessary amenities like power, water, treatment plants and roads.”

“We have chosen Tada due to its proximity to Chennai airport, seaports and other logistic purposes apart from its well-established connectivity by rail and road. We may even add 2,000 acres in the second phase of development,” he said. The SEZ will accommodate nearly 300 units of different categories and will have a combined investment of Rs 17,500 crore when fully occupied in five years. “The SEZ will provide all services through a single-window system,” he added.

Post Comments

Comments: (Limit 3,000 characters)

Name		Message
Email ID
Subject

TERMS OF USE:
The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).

I agree to the terms of use.