Industry & Economy
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Infrastructure
KCCI, Govt to sign pact on Mangalore SEZ on Aug 30
Our Bureau
Mangalore
,
Aug. 27
TWO years of hard work of the Kanara Chamber of Commerce and Industries (KCCI) to set up a coastal special economic zone (SEZ) in Mangalore seems to be yielding results. The State Government has invited the KCCI to sign a memorandum of understanding (MoU) in this regard.
The KCCI President, Mr R.D. Kini, told Business Line that the KCCI delegation would be in Bangalore on August 30 to sign an MoU on the establishment of SEZ in Mangalore.
The Karnataka Industrial Areas Development Board of the Government of Karnataka and Oil and Natural Gas Commission (ONGC) will be the other parties for the MoU.
The Coastal Agenda Task Force and the KCCI mooted the idea of setting up an SEZ in the private sector in August 2002, and KCCI became the applicant for the SEZ project on suggestions from the State Government.
In August 2003, the Government of India accorded the "in-principle" approval to KCCI to set up a coastal SEZ in Mangalore.
In February this year, there was a proposal from ONGC to make investments in the State. Following this, the Government asked it to locate its investments. After having discussions with the State Government, ONGC is all set to enter into an agreement on the SEZ establishment.
Sources in the KCCI said that SEZ would be developed through a special purpose vehicle (SPV). The "in-principle" approval of the KCCI will be made available to the SPV for SEZ development, they said.
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