The SMMC is the first major development in the Atom Valley district, which it is hoped will lead to the creation of thousands of jobs on land close to the M62 in Oldham, Rochdale and Bury.
Atom Valley is one of Greater Manchester’s Mayoral Development Zones where devolved powers can be used to drive private-sector investment.
Paul Ormerod, chair of the Atom Valley Mayoral Development Zone, said: “The idea is to develop a cluster of advanced manufacturing companies, creating high-paid jobs.
“It’s basically a project to revive the economies of Oldham, Rochdale and Bury, so they can share in the prosperity of places like Manchester and Salford.”
There are also plans for the Atom Valley project to be underpinned by a new tram-train line connecting Bury, Heywood, Rochdale and Oldham.