Gandhinagar, March 2 Gujarat's Special Investment Region (SIR) that will have an investment of Rs.1 lakh crore (Rs.1 trillion/$21.7 billion) is now a reality with the state government issuing a notification for the setting up of the region, an official said here Tuesday.

The notification was issued to the Dholera SIR Regional Development Authority (DSRDA) recently. Following the notification, the process on the ground is expected to pick up speed.

"This is the first concrete step in turning this SIR into a reality," the industries department official said.

The authority will create the infrastructure in the region and make land allotments to units proposing to set up shop there.

"The government has already notified 99,000 hectares of land in 22 villages in the region and an investment of Rs.1 lakh crore is on the anvil. The investment may ultimately even exceed this figure," the official said.

SIR will be a global showcase for Gujarat with a port and an airport in the region coming up in Dholera town, about 30 km from Dhandhuka village of Ahmedabad district.

The principal secretary of the industries department will be the DSRDA chairman. It will have a chief executive officer and representatives of the Gujarat Chamber of Commerce and Industry, the Gujarat Infrastructure Development Board (GIDB), and other related institutions.