Korea Land Corporation to set up tech zone in GVIC

Estimated investment pegged at Rs. 7K crore

A stage has been set for the entry of mid-sized Korean companies in Gujarat. Korea Land Corporation (KLC), a wholly owned government of Korea enterprise, today inked an agreement to establish Korea industrial park/technology zone in Gujarat entailing an investment of Rs. 7,000 crore.

The planned industrial park will come up at Gujarat Vittal Innovation City (GVIC), a mult-product Special Economic Zone (SEZ) being jointly promoted by Gujarat Industrial Development Corporation (GIDC), government of Gujarat and EMPI Vittal Centre Corporation Consortia.

The SEZ is located in South Gujarat's Valsad district, which falls under Delhi Mumbai Industrial Corridor (DMIC).

A high-level Korean government delegation led by Do Youp Kwon, vice minister, ministry of land, transport and maritime affairs, Republic of Korea, today signed a tripartite Memorandum of Agreement (MoA) with Gujarat government and Gujarat Vittal Innovation City.

The proposed park, spread across 800 acres of land, will be focused on knowledge-based industries . "Korean companies operating in automobile, electronics and other knowledge industries will set up their shopes in the Korean industrial complex. Around 60 mid-sized Korean corporates have already shown their interest putting up their units in the industrial park", Do Youp Kwon, vice minister, ministry of land, transport and maritime affairs, Republic of Korea, told reporters in Gandhinagar.

The approximate investment for the industrial park will be Rs. 7,000 crore. KLC will fund 30 per cent of the total project. "The road-map for the project execution will be ready within next five to six months and it will take around five to six year to be fully operational", said N Vittal, chairman, GVIC.