Current Affairs PDF Sales

GMR infra and GIIC ink MoU for Kakinada SEZ

Memorandum of Understanding MoU has been signed between GMR Infrastructure ltd and Guizhou International Investment Corporation GIIC, for developing Kakinada special economic zone[SEZ] in Andhra pradesh recently. On behalf of  GMR Infrastructure Ltd, the MoU was inked by its subsidiary Kakinada SEZ or KSEZ Pvt Ltd-President Challa Prasanna and GMR founder Grandhi Mallikarjuna Rao in Beijing, china In presence of Indian PM Narendra Modi.

  • As per the MoU signed, an industrial park for Chinese high- end equipment producing companies in Kakinada would be set up.
  • A consortium of 3 Chinese manufacturing firms- GIIC plans in setting up of 2000 acres industrial park.
  • KSEZ is port-based multi-product SEZ spread over 10,500acres.
  • Nearly 5000 jobs would be available for both skilled and unskilled workers as a result of fully developed facility by KSEZ and GIIC.
  • GIIC would invest 500 million  dollars for developing infrastructure.
  • Chinese firms setting up their units at  the parks would invest  2 to 3 billion dollars over next five years.
  • The companies will get benefits from governments”Make in India” campaign apart from investment incentives from government of Andhra Pradesh

Some details on GMR Group

  • It is an infrastructure firm based in Bangalore.
  • Founded in the year 1978.
  • Founder is Grandhi Mallikarjuna Rao.
  • The company also has  branches in other countries such as Turkey,South Africa,Indonesia,Singapore,Maldives etc.

Kakinada– some facts and figures

  • Kakinada is a city in Indian state of Andhra pradesh.
  • It belongs to East Godavari district.
  • Kakinada is the 12th largest city by area and 8th largest in population in Andhra Pradesh ..

Make In India Initiative- what is it??

  • It is an initiative of Government of India to encourage the industries to manufacture their products in India.
  • Launched by PM Modi on 25th September 2014 at Vigyan Bhavan.
  • The main objective behind this initiative is to create jobs in 25 sectors of economy like automobiles,chemicals,IT,leather,ports,textiles,mining,biotechnology etc .
  • Capital and technological investment in India would be improved as great deal by this initiative.