Financial Daily from THE HINDU group of publications
Friday, Apr 30, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 30, 2004 |
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Industry & Economy
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Infrastructure Money & Banking - Financial Institutions IFC in talks with MahaMumbai SEZ Our Bureau
New Delhi , April 29 THE International Finance Corporation (IFC) said on Thursday that it is in talks with the promoter of the MahaMumbai Special Economic Zone (MMSEZ) for taking an exposure in the project. The SEZ would be located adjacent to the Jawaharlal Nehru Port in Mumbai. For the first phase, which is spread over 7,500 acres, the project cost is estimated to be about Rs 4,950 crore. "We are looking at investing into a couple of economic zones, including MahaMumbai. For MahaMumbai, we are already in talks with the concerned persons. There has been no decision yet from our side on whether a due-diligence should be done. Our exposure can be in the form of both equity and debt," Mr Dimitris Tsitsiragos, Director, South Asia Department, IFC, told presspersons here. IFC is yet to invest in an economic zone in the South Asian region. Mr Tsitsiragos said that IFC is open to financing of public-private partnerships for such projects in the South Asia region. "Our investment in SEZs will be driven by these priorities and be decided on a case-by-case basis as long as they make a positive contribution in any of these areas," Mr Tsitsiragos said, in his address at a workshop on economic zones being organised by IFC.
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