Entrepreneurship and Management Processes International is planning to set up a novel SEZ called Gujarat Vittal Innovation City in the state at an estimated cost of Rs 11,500 crore (Rs 115 billion).

The company, chaired by former central vigilance commissioner N Vittal, is in close talks with international firms to partner the project, said sources close to the development. The company has also identified land near Valsad and will soon begin the process of acquiring it, government sources added.

G-VIC is inspired by global high technology innovation clusters such as the Silicon Valley in the US, Hsinchu in Taiwan, Tsukuba in Japan and Sofia Antipolis in France. G-VIC or Innovation City is conceptualised and led by leading professionals from diverse fields. 

Vittal will be the chairperson of this complex public-private initiative. Gujarat Industrial Development Corporation is representing the state government.

The EMPI-Vittal Centre of the Society for Innovative Education Development has been building and leading a consortium of companies and institutions to work with GIDC. SIED is a non-profit society headed by Gurnam Saran, former director of Bhel.

The concept evolved at the EMPI-Vittal Centre to make domestic companies more 'innovative' as well as create world-class manpower, said a company official.

According to sources, Daedeok Innopolis of South Korea, Heidelberg Technology Park of Germany, Zerinke Group and others have been involved with the project.  

EMPI is aiming to sign an agreement with the state government at the upcoming Vibrant Gujarat Global Investors Summit.

G-VIC is planned to be developed over 1,100 hectares and provide world-class infrastructure and services. Key segments would include pharma, chemical, agri business, aquamarine, alternate energy and key service sectors such as IT/ ITeS, industrial design and digital animation, film-making and media. International universities and technical institutions will be part of G-VIC and will focus on supporting the segments.