Singapore AMRL to invest in Nanguneri multi product SEZ

http://www.hindu.com/2011/03/01/stor...0155350700.htm

AMRL Hi-Tech City Limited, promoter of Nanguneri Multi-Product Special Economic Zone in the district, signed a Memorandum of Understanding on Saturday with M/s Great Shine Engineering Private Limited (GSEPL), a subsidiary of Zynergy Capital Private Limited, Singapore, which will set up its state-of-the-art facility on an outlay of Rs. 1,500 crore for manufacturing solar power peripherals.

As per the MoU, the Singapore firm will take on lease 40 acres of industrial land for setting up its ultra-modern facilities to manufacture solar cells.

GSEPL plans to invest over Rs. 1,500 crore in the manufacturing facilities in a phased manner at Nanguneri SEZ to provide employment to about 10,000 persons over a period of 18 months.

A Japanese firm, manufacturing high precision scales largely used in research laboratories and medical equipments, has completed two rounds of talks with AMRL Hi-Tech City Limited and is likely to resume third round of talks during April to clinch the deal.

Another company, Kerala-based Surgicare, who are the market leaders in surgical gloves manufacture, is also likely to invest Rs. 20 crore at Naguneri SEZ, AMRL Hi-Tech City Limited sources said.

“Apart from GSEPL, our company has concluded agreements with 15 industries for a total area of around 45 acres so far. This includes two Dubai-based companies. Within the next couple of months, the Nanguneri SEZ will have investment to the tune of over Rs. 60 crore and is likely to attract more than Rs. 2,000 crore within the next two years,” the sources added.

This Special Economic Zone, ideally located on the National Highway 7 with close proximity to the Tuticorin harbour and airports at Tuticorin, Thiruvananthapuram, and Madurai, consists of Processing Zone, spread over 1,780 acres with industries and Non-Processing Zone spread over 740 acres, which will house the complete social infrastructure such as multiple housing formats, educational institutions, shopping malls, hotels, hospitals, medical centres, banks etc. making the SEZ an integrated industrial township.

First phase

In the first phase, AMRL is developing 500 acres of land with infrastructure in the Processing Zone.

Around 14 companies have so far signed Memorandum of Understanding, and some of them have commenced construction of their factories.