Financial Daily from THE HINDU group of publications
Wednesday, Jan 25, 2006
Financial Daily from THE HINDU group of publications Wednesday, Jan 25, 2006 |
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Industry & Economy
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Infrastructure IL&FS seeks to join Mangalore export zone SPV A J Vinayak
Mangalore , Jan. 24 THE formation of Mangalore Special Economic Zone (SEZ) is gathering momentum with Infrastructure Leasing and Financial Services (IL&FS) Ltd — an investment banking institution engaged in the development of projects in infrastructure sector — showing its intention to join the project as a co-promoter. IL&FS Ltd and the Kanara Chamber of Commerce and Industry (KCCI) have signed a memorandum of understanding (MoU) to seek the inclusion of former in the proposed special purpose vehicle (SPV) for the implementation of SEZ in Mangalore. On August 30, 2004, KCCI - which holds `in-principle' approval for the SEZ — signed an agreement with the Karnataka Industrial Areas Development Board (KIADB) and Oil and Natural Gas Corporation (ONGC), for the development of an SEZ in Mangalore. These three promoters are forming an SPV, and the recent agreement seeks the inclusion of IL&FS as another promoter in the SPV. Sources told Business Line that Mr A. Srinivasa Rao, KCCI President, and Mr D.K. Mittal, Chief Executive Officer (Special Infrastructure Projects), IL&FS, signed this agreement in Bangalore last week. IL&FS and KCCI will together contribute 51 per cent equity of the proposed SPV. Of this, KCCI is likely to invest around 2 per cent of the equity. While ONGC, through its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL), is likely to contribute around 26 per cent of the equity, KIADB is likely to contribute the rest. IL&FS can identify prospective promoters and mobilise financial resources for the Mangalore SEZ, sources added.
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