Bindu D. Menon
New Delhi, Oct. 3 Sri City, an upcoming multi-product SEZ near Chennai, is looking at a turnover of nearly Rs 20,000 crore over the next five year besides increasing the number of units at the Special Economic Zone.
The company recently raised Rs 250 crore through private equity placement to fund its expansions.
“SEZs require constant capital inputs. We raised funds a couple of months ago. We will be raising additional amount in near term,” Ms Raghini Peter, Vice-President, Business Development, Sri City SEZ, said.
Eight players have already set shop at the SEZ that became operational a year ago. “Our SEZ has a capacity to house at least 300 odd players,” Ms Peter said.
In the first phase, Sri City would create the basic infrastructure and 1,000 acres of industrial land and in the second, it intends developing commercial spaces and residential projects entailing an investment of over Rs 2,000 crore.
She said that it is also developing logistics and warehousing infrastructure. “We have signed up with Bangalore-based A. S. Cargo for developing logistics infrastructure at an investment of Rs 100 crore. The infrastructure will be built on an area of 2 lakh sq ft over the next six months and can accommodate about 20 large logistics companies.”
Ms Peter said that a Domestic Tariff Area, strategically adjacent to the SEZ, creates supplier base to the SEZ units. Master planned by Singapore-based Jurong Consultants, the Sri City SEZ will cater to sectors such as auto components, light engineering, apparels, pharma, IT/ITeS, logistics and warehousing among others.