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Mangalore , March 20

THE Chairman and Managing Director of Oil and Natural Gas Corporation, Mr Subir Raha, has said that the company stands by its memorandum of understanding on the formation of a special economic zone in Mangalore.

However, the Karnataka Government has to set up an SEZ through a notification.

Addressing presspersons after launching the first retail outlet of ONGC - OVaL (ONGC Values Ltd) — in Mangalore on Saturday, he said, "It is for the Karnataka Government to set up an SEZ company for which we have signed a memorandum of understanding (MoU). We stand by that MoU." He said ONGC is working on the project development.

It may be mentioned here that the Karnataka Government, ONGC and the Kanara Chamber of Commerce and Industries (KCCI) had signed an MoU in August last year for the formation of an SEZ in Mangalore. ONGC had shown interest in investing in the project. KCCI holds `in-principle' approval for the formation of SEZ in Mangalore.

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