Hyderabad: Telangana state will soon have its first gold special economic zone, which will come up on the city outskirts. The government has in-principle decided to allot 25 acres to the gold SEZ in Kongara Kalan in Ibrahimpatnam mandal in Ranga Reddy district.
A Hong Kong-based firm with an annual turnover of Rs 33,000 crore and an Indian firm with an annual turnover of Rs 20,000 crore are learnt to have approached the state government to set up the SEZ. They have proposed to set up two gold refinery plants.
This will be south India’s first such facility, and the second in India after Nadaun in Himachal Pradesh, to process unrefined gold to be imported from South Africa.
Official sources said the Indian firm had proposed to invest Rs 550 crore in the first phase to process 30 tonnes of gold and 100 tonnes of silver per year. It proposes to invest Rs 750 crore in the second phase to process an additional 50 tonnes of gold and 150 tonnes of silver per year.
The officials from respective firms visited the site and expressed satisfaction over the location, which is close to Hyderabad international airport.
Officials said the gold refinery will contribute to the state domestic product to a large extent since southern states account for higher gold consumption.
Geetanjali and other gold processing units in the state already contribute Rs 6,000 crore exports, which is expected to increase significantly once two new gold refineries launch operations.
As part of TS-iPASS policy of state government to encourage the industrial sector, the government had identified 14 priority sectors including gems and jewellery.
