New Delhi: Kakinada SEZ (special economic zone), a subsidiary of GMR Infrastructure, has signed a deal with Guizhou International Investment Corporation (GIIC), a consortium of three Chinese manufacturing firms, to set up units at the port-based SEZ at an investment of $3.5bn over the next five years.
The manufacturing units will be set up by high-end Chinese companies dealing in power equipment, electronics, wind and solar energy, and smart technologies.
“GIIC will invest $500m in developing the infrastructure and various facilities of the industrial park, which would house leading Chinese manufacturing industries,” said GIIC, in a filing to the Bombay Stock Exchange. “These companies would additionally invest $2-3bn in setting up their operations over the next five years.”
Apart from world-class infrastructure facilities, these companies will also be able to avail of various benefits from Prime Minister Narendra Modi’s ‘Make in India’ campaign and the Andhra Pradesh state government’s investment incentives, the filing added.