Invest India, the National Investment Promotion and Facilitation Agency of the Government of India, in collaboration with JLL India, has identified Sri City centred Chennai-Tirupati-Nellore Tri-city industrial corridor as one among the 10 key centres for manufacturing across nine states in the country that have high potential to attract investments from other nations, post Covid-19.
The other hotspots for future investment include Mumbai-Aurangabad, Pune, Gurugram-Bhiwadi-Neemrana Corridor, Noida-Greater Noida-Yamuna Expressway, Bengaluru, Hyderabad, Ahmedabad and Vadodara (Bharuch-Ankleshwar cluster).
As a part of its ‘Doing Business in India Guide’ series, Invest India released a publication titled, ‘Great Places for Manufacturing in India’, highlighting the potential of the states in attracting investments, especially in the manufacturing sector in the post Covid-19 era.
Invest India’s publication, a thematic collation of details of the 10 mega clusters, stressed on the most attractive destinations for companies to set business based on sectoral requirements and tax incentives, to promote the country as an alternative business destination.
The 10 mega clusters identified cover about a hundred popular industrial parks and house over 600 Indian and foreign multinational companies.
Ravindra Sannareddy, founder and MD of Sri City, said: “Sri City, which is at the centre of the Tri-city hub, has emerged as the largest industrial park in South India, with the presence of more than 187 prestigious brands from 27 countries.”
Chennai, already important to major auto and auto component companies, both global and domestic, accounts for 30% of India’s four-wheeler industry, 33% of auto parts production and 16% electronic hardware production, Invest India report stated.
On the importance of the Tri-city corridor, the report said Chennai-Tirupati-Nellore tri-city industrial hub falls under the influence zone of two major industrial corridors — Chennai-Bengaluru Industrial Corridor (CBIC) and Vishakhpatnam-Chennai Industrial Corridor (VCIC). Besides, Tirupati is now emerging as an electronics cluster.
On the importance of the Tri-city corridor, the report said Chennai-Tirupati-Nellore tri-city industrial hub falls under the influence zone of two major industrial corridors — Chennai-Bengaluru Industrial Corridor (CBIC) and Vishakhpatnam-Chennai Industrial Corridor (VCIC). Besides, Tirupati is now emerging as an electronics cluster.
Sri City is South India’s largest industrial park in the private sector and is home to 200 companies from 27 countries. It has attracted a total investment of $ 4 billion and is located on Andhra Pradesh –Tamil Nadu border. It thrives on Chennai’s industrial ecosystem and port capacity.