GMR Infra plans SEZ in Tamil Nadu

Bangalore-based GMR Infrastructure has signed a memorandum of understanding (MoU) with the Tamil Nadu Industrial Development Corporation (TIDCO) for  the development of a multi-product special economic zone (SEZ) in Krishnagiri district.

According to a release issued by GMR to the BSE today, the SEZ would be developed through a special purpose vehicle (SPV) to be set up through a joint venture in partnership with TIDCO.

The multi-product SEZ will be spread around 3,300 acres, and the cost for developing the basic infrastructure is estimated around Rs 2,300 crore. The total development cost, including industrial and social infrastructure, would be around Rs 11,000 crore.

The SEZ would be operational by 2009, and the entire development would be completed by 2014, the release added.