Taiwan Formosa Industrial Park has held its groundbreaking ceremony at Sri City SEZ at Tada in Nellore district of Andhra Pradesh, and will be spread over 500 acres with an investment of around $50 million (Rs 230 crore).
It is part of a Memorandum of Understanding (MoU) that Sri City has signed with Taiwan-India Investment and Development Ltd (TIDI) to develop the Taiwanese enclave. The agreement was signed between Ravindra Sannareddy, co-founder and managing director, Sri City, and Steve Chen, president, TIDI.
As a co-developer, TIDI will conceive, plan and develop the industrial infrastructure exclusively for the Taiwanese enclave, spread over 500 acres with an allocation of 350 acres in DTZ and 150 acres in the SEZ.
The new enclave is expected to create an exclusive zone to meet the specific requirements of Taiwanese manufacturing companies which set up operations in the country, said Steve Chen.
Sannareddy said Sri City has attracted multi-national companies from US to Japan. Currently, companies from 12 countries are located in the SEZ.
Sri City is a multi-product SEZ being developed at Tada. The DTZ and a Free Trade & Warehousing Zone were built in partnership with the government of Andhra Pradesh, the company said in a press release.