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SriCity signs MoUs with 11 cos pledging Rs 1,215-crore investment.

Date: 12-01-2016
Subject: SriCity signs MoUs with 11 cos pledging Rs 1,215-crore investment
VISAKHAPATNAM: SriCity Special Economic Zone today said it has signed pacts with 11 companies, including Colgate Palmolive, pledging investment of about Rs 1,215 crore that will result in the creation of 4,000 jobs.

The highest amount of investment is pledged by Colgate Pamolive at Rs 450 crore followed by Thermax (Rs 200 crore),

Isuzu (Rs 230 crore), Vikram Solar (Rs 220 crore), Bachawat Enterprises (Rs 25 crore), Aero Piston (Rs 20 crore), Nucleas (Rs 20 crore), Valmat (Rs 10 crore) MSR Garments (Rs 10 crore), UNP (Rs 20 crore) and Red Star Plastick (Rs 10 crore).

The Memorandum of Understanding (MoUs) were signed on the occasion of CII Partnership Summit in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu here.

"The 11 units signing today have committed an investment of Rs 1,215 crore and employment to over 4,000," a statement issued by SriCity said.

Spread over 7,500 acres, SriCity is an integrated development space consisting of a Special Economic Zone (SEZ), a domestic tariff zone (DTZ) and free trade warehousing zone.

It is located in Chittoor, along the Andhra Pradesh-Tamil Nadu Border. It has 108 companies from 26 countries which are either operational or under construction. These companies have till date committed an investment of over Rs 23,000 crore and employment to over 32,000 people.

Source : economictimes.indiatimes.com

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