The Hindu : Business : Kinfra to develop gem and jewellery park

Online edition of India's National Newspaper
Friday, Sep 22, 2006
ePaper

Business

Business

Kinfra to develop gem and jewellery park

R. Ramabhadran Pillai

Cooperation of World Gold Council mooted

KOCHI: Kerala Industrial Infrastructure Development Corporation (KINFRA) proposes to lease out land to developers for developing an industrial park and Special Economic Zone

(SEZ) for gem and jewellery in Kochi. It has invited expression of interest from prospective developers.

The proposed site is a 33-acre plot at KINFRA Hitech Park at Kalamassery, according to sources. Twenty-five acre has been earmarked for the development of SEZ for gem and jewellery and eight acre for units catering to domestic market.

The project will be conceived, designed, implemented, operated and maintained by a private developer, through a Special Purpose Vehicle incorporated under the Indian Companies Act, 1956. KINFRA will contribute land and basic infrastructure facilities like dedicated power, water supply and communication facilities. The private sector parties will contribute equity funds to the SPV that will be utilised to fund the development of specific infrastructure facilities.

The eligibility criteria for the developer would include a minimum of 10 years experience in gem and jewellery business. This apart, the applicant must have a net worth not less than Rs.50 crore in the preceding financial year.

Based on the criteria, pre-qualification will be done by Kinfra.

The pre-qualified bidders will then be requested to submit a business/development plan for the Industrial park and the SEZ. Kinfra will enter into a joint venture agreement with the successful bidder.

The gem and jewellery park and the SEZ would be a one-stop destination where bulk orders could be placed on more than one manufacturer at the same location where the producers can avail of the services offered by the park.

The proposed park and SEZ will help facilitate standardisation in the industry, to make the products acceptable in international markets, to provide steady employment opportunities and to make available the latest technology in this area with a view to preserve this traditional industry, industry sources said.

Meanwhile, preliminary discussions regarding the joint development of the proposed SEZ were held with the representatives of the World Gold Council. A representative from World Gold Council visited the proposed site.

A meeting between the Principal Secretary (Industries & Commerce), Managing Director, World Gold Council and Managing Director, KINFRA was held at Mumbai.

Aerens Goldsouk International Ltd, Haryana, has expressed interest to participate in the development of the proposed Gem and Jewellery Park and SEZ. Gitanjali Gems Limited has also expressed their keenness in developing the SEZ. However, the extent of about 300 acre, which they requested for the development of the SEZ was not readily available with Kinfra, sources said.

Printer friendly page
Send this article to Friends by E-Mail

Business