GVK today signed a memorandum of understanding (MoU) with TIDCO, an Undertaking of the Government of Tamil Nadu to jointly develop a multi-product Special Economic Zone (SEZ) in Perambalur district. The MoU was signed in the presence of Dr. M. Karunanidhi, Chief Minister of Tamil Nadu by Mr. G.V Krishna Reddy, Chairman, GVKPIL and Mr. S. Ramasundaram, Chairman Tamilnadu Industrial Development Corporation Limited (TIDCO).
GVK will partner with TIDCO to develop an Integrated Multi Product Special Economic Zone for this purpose over an area of 3000 acres and will cater to industries such as textile/ garments, leather, engineering goods, pharmaceuticals, Power, IT/ITES, Iron & steel, Fertilizers, Chemicals, Petrochemicals, Floriculture, Horticulture, Electronic & Communication, etc.
This project is being implemented as a Joint Venture between GVK and TIDCO through a Special Purpose Vehicle (SPV) company, GVK Infratech Pvt. Ltd., a wholly owned subsidiary of GVK Power & Infrastructure Ltd., a listed company. The SPV with its core team will execute the project with responsibilities such as land acquisition, development and infrastructure construction along with other project related activities expected to commence shortly. These activities include amongst others, operation and maintenance of common facilities such as roads, water supply, CETP, testing facilities, warehousing facilities, marketing of developed land to domestic and global investors and providing assistance for domestic /export marketing to user industries.
Said Mr. G.V. Krishna Reddy, Chairman, GVK, “The GVK- TIDCO MoU is an excellent example of a public-private partnership that is aimed at creating state-of-the-art infrastructure and facilities for industrial development. The decision to partner with Tamil Nadu was based on the ample opportunities that the state offered. We appreciate the tremendous support that we have received from TIDCO and the State government and look forward to working for the success of the project."
Speaking on the occasion Mr. S. Ramasundaram, CMD TIDCO said, "I am very happy that GVKPIL and the Tamil Nadu state govt have tied up to jointly develop a special economic zone in Perambalur district. I am confident that TIDCO’s long experience in setting up industrial parks coupled with GVK’s established track-record as an integrated infrastructure developer will result in a world-class project that would attract large investments in the State, create huge employment opportunities for our people and bring immense prosperity in the region. This would go a long way in consolidating Tamil Nadu’s position as the leading industrial state in the country."
The project has received an in-principle approval from the Board of Approval of the Union Ministry of Commerce and is expected to attract investments of about about Rs. 5000 Crores over a period of 7 Years. The project will create new employment opportunities for more than 50,000 people in the region and generate expected annual export earnings of around Rs. 6000 crores.
Perambalur District which has excellent road and rail connectivity to all parts of the State is the ideal place for setting up the industrial park. While it is located at a distance of about 225 Km from Chennai Airport and 75 km from Trichy Airport, it is well connected to a majority of ports in the state such as Chennai, Tuticorin and Cuddalore (currently under development) by road as well as rail. Commercial hubs and townships such as Madurai and Tirupur are about 200 km from Perambalur.
As a pioneer in infrastructure development in India, GVK has established a strong presence in areas such as airport, power and roads.
The GVK-led consortium has been mandated to operate, manage and develop India’s busiest airport, the Chhatrapati Shivaji International Airport in Mumbai. GVK aims to make CSIA a global benchmark by equipping it with the best possible facilities and infrastructure.
GVK set up India’s first independent power project, the 217 MW Jegurupadu Combined Cycle Power Plant in Andhra Pradesh. This was followed by a 220 MW expansion facility at the same site in January 2006 and the 464 MW Gautami Power Ltd. a Combined Cycle Power Plant located in Peddapuram near Kakinada in Andhra Pradesh. GVK is also developing a 600 MW thermal project in Punjab and two hydro projects totaling 700 MW in Uttarakhand.
GVK has successfully completed India’s first six-lane BOT project connecting Jaipur and Kishangarh section of the National Highway 8 in Rajasthan. The project was completed in a record time of 24 months, six months ahead of schedule. Till date GVK has invested over Rs. 5,000 crore into infrastructure projects and has on hand projects in the pipeline of over Rs. 13,000 crores.
TIDCO is a Government of Tamil Nadu Enterprise, incorporated as a Limited Company in the Year 1965 in order to identify and promote the establishment of large and medium scale industries within the state of Tamil Nadu in association with the private promoters and the first party has commissioned over seventy-five projects to date with a total equity investment of over Rs. 2500 Million and of these companies the first party has disinvested its holdings in over twenty-three companies. The projects promoted in association with private parties cover a wide range of activities such as textile/ garments, leather, engineering goods, pharmaceuticals, Power, IT/ITES, Iron & steel, Fertilizers, Chemicals, Petrochemicals, Floriculture, Horticulture, Electronic & Communication, Infrastructure / Industrial parks including Special Economic Zones (SEZs) and Agri Export Zones (AEZs).