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China’s Guizhou International Investment Corporation will invest $500 million to develop an industrial park at the Kakinada SEZ, a subsidiary of GMR Infrastructure Ltd.
Kakinada SEZ President Challa Prasanna and senior officials of GIIC signed an MoU in the presence of the Prime Minister during Narendra Modi’s China tour.
A consortium of leading Chinese manufacturing companies, GIIC plans to bring to the 2,000-acre industrial park a number of Chinese manufacturers of power equipment, electronics items, wind and and solar energy gear. These Chinese companies are expected to invest $2-3 billion over the next five years.
“Through this MoU with GIIC, we were not only able to attract investments, but also provide economic development to the region and the State. As a leading infrastructure company, we were able to foster global partnerships,” said BVN Rao, Business Chairman (Transportation & Urban Infrastructure), GMR Infrastructure Ltd.
This industrial park is expected to ensure development around Kakinada and generate more than 5,000 jobs for both skilled and unskilled workers. Apart from infrastructure, the Chinese companies will also be able to benefit from the Prime Minister’s ‘Make in India’ campaign and the Andhra Pradesh Government’s investment incentives in the ‘Sun-rise State’.
The multi-product Kakinada SEZ is spread over 10,500 acres, and is located in an area rich in oil and natural gas deposits.
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