The Hindu Business Line : Pvt sector investors evince interest in coastal SEZ

SEVERAL private sector developers and investors have shown interest in investing in the coastal Special Economic Zone (SEZ), according to the President of the Kanara Chamber of Commerce and Industry (KCCI), Mr R.D. Kini.

"Now that a decisive phase on the anchor investor is complete, the next stage will unfold concrete plans for SEZ. The investment proposals will be up to $1.2 billion in the infrastructure and facilities. The actual investment will be higher as and when the units roll on," he said.

KCCI, which had the "in-principle" approval for the SEZ, transferred it to the special purpose vehicle in Bangalore recently. The Karnataka Government, the Oil and Natural Gas Commission (ONGC) and the KCCI had signed a memorandum of understanding in this regard.

Mr Kini told Business Line that the establishment of SEZ could provide direct and indirect jobs for nearly 1.5 lakh people in the coastal region.

Stating that KCCI is all set to attract investments in this area, including in port-based activities, he said the developments would take place in consultation with the district administration and other agencies concerned.

On ONGC's investments in the SEZ, he said that a massive investment plan of Rs 25,000 crore over a four-year period would benefit the State. ONGC has also assured supply of petrochemicals that will sustain a large base of small- and medium-scale industries. These industries can use polymers for conversion and export them in the zone.

He said trade and manufacturing activities would be carried out in the general-purpose multi-product zone of the SEZ.

He added that the Union Ministry of Commerce has extended the "in-principle" approval for the SEZ till February 2005.

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