The Hindu Business Line : GMR bags Rs 500-cr Tidco project

Building infrastructure
The SEZ is expected to come up on an area of 2,600 acres.
The company will handle the land acquisition directly through negotiations with the landowners.

R. Balaji

Chennai, July 19 The GMR Group has bagged the Rs 500-crore project for development of the multi-product SEZ at Hosur in the bidding called for by the Tamil Nadu Industrial Development Corporation (Tidco).

According to sources in the know, GMR will promote a special purpose vehicle jointly with Tidco, the State-run industry promotion agency, to implement the multi-product SEZ. Tidco is likely to take an 11 per cent stake in the equity.

GMR Infrastructure Ltd handles the infrastructure projects within the GMR group. The company will handle the land acquisition directly through negotiations with the landowners. The SEZ is expected to come up on an area of 2,600 acres. The SEZ in Krishnagiri district, is about 90 km from the New Bangalore International Airport coming up at Devanahalli.

GMR Infrastructure promotes a range of infrastructure projects in roads, airports, ports and power through special purpose vehicles. The group has interests in agri-business through GMR Industries with sugar and related areas being the main focus.

It may be recalled that the Tidco had called for bids for both Perambalur and Hosur SEZ. The Perambalur SEZ was awarded to GVK Power and Infrastructure Ltd, which signed an agreement with the Tamil Nadu Government earlier this month.

It has promoted GVK Infratech Pvt Ltd, a special purpose vehicle and wholly owned subsidiary to implement the project. Tidco is also in the process of implementing multi-product SEZs at Nanguneri and Ennore.

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