GMR Infrastructure gained 0.67% to Rs 15.06 at 15:25 IST on BSE after company's subsidiary, Kakinada SEZ, signed a Memorandum of Understanding with Guizhou International Investment Corporation.
The company made announcement during market hours today, 18 May 2015.
Meanwhile, the S&P BSE Sensex was up 381.90 points or 1.4% at 27,705.90.
On BSE, so far 14.02 lakh shares were traded in the counter as against average daily volume of 22.25 lakh shares in the past one quarter.
The stock hit a high of Rs 15.33 and low of Rs 15.05 so far during the day.
Kakinada SEZ (KSEZ), a subsidiary of GMR Infrastructure, signed a Memorandum of Understanding (MoU) with Guizhou International Investment Corporation (GIIC) - a consortium of three leading Chinese manufacturing companies - to set up industrial park for the high end Chinese equipment manufacturing companies.
The agreement was signed by Mr. Challa Prasanna, President Kakinada SEZ in presence of Prime Minister of India and Mr.BVN Rao, Business Chairman - Transportation & Urban Infrastructure of GMR Infra and senior officials of GIIC.
Chinese companies from power equipment, electronics, wind & solar energy, smart technologies, etc., are planning to set up their manufacturing units in Kakinada SEZ. Apart from world class infrastructure facilities, these companies will also be able to avail various benefits from Prime Minister's "Make in India" campaign and Government of Andhra Pradesh's investment incentives in the Sun-rise state.
GIIC would invest $500 million in developing the infrastructure and various facilities of the industrial park, which would house leading Chinese manufacturing industries. These Chinese companies would additionally invest $2-3 billion in setting up their operations over next 5 years. GIIC plans to set up 2000 acres Industrial Park in Kakinada SEZ for the Chinese High-end equipment manufacturing companies. This world class industrial park developed by KSEZ and GIIC will bring development across entire Kakinada, and generate more than 5000 jobs for both skilled and unskilled workers.
KSEZ is a port based Multi Product Special Economic Zone, spread over approximately 10,500 acres. Situated strategically on the Eastern Coast in an area rich in oil and natural gas deposits, this has an excellent logistical linkages to National Highways, Railway networks, Air and Sea Ports. This SEZ caters to the existing process industries and emerging industries like Refinery, Renewable Energy, Ship Building, Biotech, Nanotech, IT/ITES, Toys, Games and Sports Goods manufacturing Park etc.
Powered by Capital Market - Live News
