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.