Gitanjali Group to set up SEZ in Andhra

The Andhra Pradesh government has allocated 200 acres of land to the Gitanjali Group to set up gem and jewellery Special Economic Zone (SEZ).

The Hyderabad SEZ will be the third SEZ after Santacruz (Mumbai) and Salt Lake (Kolkata) catering to the gem and jewellery segment.

To be recognized as a tourism project by the government of Andhra Pradesh, the park will be eligible for all incentives under the tourism policy. In accordance with this, a single window provision will be made available for all trade license clearances instantly.

The SEZ, which is scheduled for completion in the next two years, would generate 50,000 new jobs in the field of designing, cutting, and polishing of jewellery.

Andhra Pradesh chief minister YS Rajasekhara Reddy handed over the formal documents to Mehul Choksi, CEO of Gitanjali Group, which would co-partner with the state government for developing the SEZ project, on Saturday.

"It is our privilege to partner with the Andhra Pradesh government in setting up India's third gems and jewellery SEZ," said Mehul Choksi.

Of the total required investment of Rs 150 crore, the SEZ would see an initial investment of Rs 50 crore over the next couple of years. Gitanjali Group is also expected to be supported by the Andhra Pradesh State Trading Corporation. It is likely to be called the AP Gem and Jewellery Park.

"The SEZ which would be ready by 2007, would boost the industrial growth for the gems and jewellery sector in the country due its close proximity to world jewellery trading hubs like Dubai, Hong Kong and Bangkok. At the same time it would provide job opportunities and training facilities for upgrading skills in the state," said BP Acharya, managing director of Andhra Pradesh Industrial Information Corporation (APIIC).