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August 6th, 2007
TN govt inks JV with GMR for SEZ
The Tamil Nadu government on Monday entered into a joint venture with Hyderabad-based GMR Infrastructure Ltd to set up a multi-product Special Economic Zone in the state's Krishnagiri district at a cost of Rs 2,300 crore (Rs 23 billion).
An MoU in this regard was signed between Tamil Nadu Industrial Development Corporation chairman and managing director S Ramasundaram and GMR Infrastructure Director B V Nageswara Rao at the secretariat in Chennai.
The SEZ, to come up on 3,300 acres of land, is expected to attract investments of about Rs 11,000 crore (Rs 110 billion) from traditional industries like electronics, apparel and engineering, besides IT, ITES and knowledge-based industries such as bio-technology and nanotechnology.
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