Financial Daily from THE HINDU group of publications
Monday, Nov 28, 2005
Financial Daily from THE HINDU group of publications Monday, Nov 28, 2005 |
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Industry & Economy
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Gems & Jewellery Work on Rs 500-cr SEZ for gems park gets under way at Shamshabad Our Bureau
The Chief Minister, Dr Y.S. Rajasekhara Reddy, performing Bhoomi Puja to mark the commencement of work on the Rajiv Gems Park on the outskirts of Hyderabad on Sunday. Also seen is the IT and Infrastructure Minister, Ms Sabita Indra Reddy. — D. Gopalakrishnan
Hyderabad, Nov. 27 WORK on the Rs 500-crore modern SEZ (special economic zone) for gems began on Sunday at Shamshabad. Hyderabad Gems SEZ Ltd, promoted by the leading diamond player Gitanjali group, would come up on a 200-acre plot near the site for international airport. Addressing a press conference here, Mr Sunil Seth, Director of the SEZ, and Mr Srikanth Badiga, General Manager, said the SEZ would be fully operational by 2009. First of the units would be ready by 2006. It was expected to house up to 75 units. This was the third sector-specific SEZ for gems after Surat and Kolkata. The Hyderabad SEZ would be involved in the designing, cutting and polishing of jewellery. The company itself would set up a facility with an investment of Rs 100 crore, Mr Seth, who is also the Vice-President (Commercial) of Gitanjali Export Corporation Ltd, said. Of the Rs 500 crore, 30-35 per cent would be equity, while the remaining amount would be borrowed. The State Government sold the land at Rs 5 lakh an acre. Mr Seth said talks were on with some big brands in the Gulf to locate their units in the SEZ. "It will create some 50,000 jobs directly and 1.50 lakh jobs indirectly," he said. The group also planned to set up an institute to create skilled human resources to cater to the industry needs. The proximity to the upcoming international airport too would benefit the industry, he said.
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