Current Affairs PDF Sales

GMR infra and GIIC ink MoU for Kakinada SEZ

AffairsCloud YouTube Channel - Click Here

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.