Financial Daily from THE HINDU group of publications
Monday, Feb 27, 2006
Financial Daily from THE HINDU group of publications Monday, Feb 27, 2006 |
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Industry & Economy
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Infrastructure Corporate - New Projects ONGC sets up SPV for Mangalore SEZ Our Bureau
New Delhi , Feb. 26 To develop the Mangalore Special Economic Zone, a new company, The Mangalore SEZ Ltd, as a special purpose vehicle (SPV), was incorporated in Bangalore on Friday. ONGC said in a statement that it is the anchor and co-promoter of this SEZ. The other equity-holders are the Government of Karnataka, the Kannara Chamber of Commerce and Industry (KCCI) and Infrastructure Leasing and Financial Services Ltd (IL&FS). While ONGC would hold 26 per cent of the equity in the incorporated company, the Government of Karnataka, through its department Karnataka Industrial Area Development Board (KIADB), would hold 23 per cent and the balance 51 per cent would be jointly held by KCCI and IL&FS.
NMPT may join
The New Mangalore Port Trust (NMPT) had shown interest to join the SEZ, subject to approval from the Ministry of Shipping, Road and Transport, the statement said. If NMPT joins, the combined equity of KIADB and NMPT would be 23 per cent, it added. The total investment envisaged for development of various projects by ONGC and its subsidiary, Mangalore Refinery & Petrochemicals Ltd, in the SEZ is around Rs 35,000 crore. The main projects that would be developed in this SEZ are: a petrochemical complex, a liquified natural gas regasification plant, C2-C3 extraction from this regasified LNG, a power plant to cater to the power requirement of all units in the SEZ and general industry, trade, banking, telecommunications and allied services for supporting the activities of the units in the SEZ.
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