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Our Bureau

New Delhi, March 10

Mr Subir Raha, Chairman and Managing Director of ONGC and Chairman of its subsidiary Mangalore Refinery & Petrochemicals Ltd (MRPL), has been unanimously chosen as the Chairman of the newly formed Mangalore SEZ Company Ltd in its first board meeting held here.

According to a company statement, the Mangalore SEZ Company Ltd was incorporated on February 24 at Bangalore to develop the Mangalore Special Economic Zone (SEZ). The new company is a joint venture between ONGC (the anchor promoter), Government of Karnataka (through KIADB), KCCI and IL&FS.

In addition to petroleum and petrochemical-related investments of ONGC and its subsidiary MRPL of more than Rs 35,000 crore, the SEZ shall also have general-purpose support activities such as banking and telecom. The SEZ shall be developed in around 2,450 acres, of which 840 acres has already been acquired by KIADB.

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