The Hindu Business Line : Bharat Forge, Maharashtra to co-develop SEZ near Pune

Bharat Forge Ltd (BFL), on Wednesday, signed a memorandum of understanding (MoU) with the Government of Maharashtra to jointly develop a multi-product Special Economic Zone (SEZ) in Khed Taluka of Pune District.

The SEZ is expected to attract investments of about Rs 25,000 crore and generate 1,20,000 new employment opportunities. The SEZ project will initially cover 2,000 hectares and gradually double its size to spread over 5,000 hectares.

The prime focus of the SEZ would be auto companies. "Bharat Forge will initially invest Rs 1,500-2,000 crore in the venture and eventually scale up to Rs 9,000 crore by next nine years. We hope to commence the SEZ's operations by next three years,'' said Mr B. Kalyani, Chairman and Managing Director, BFL.

The MoU was signed by Mr V. Jairath, Secretary-Industries, Maharashtra Government, and Mr Kalyani. The project would be implemented through a Special Purpose Vehicle (SPV) to be jointly promoted by BFL and the Maharashtra Industrial Development Corporation (MIDC) in which the two promoters would hold up to 74 per cent and 26 per cent of the equity capital, respectively.

Land acquisition and other project related activities would commence shortly. The project has received in-principle approval from the Board of Approval, Union Commerce Ministry.

Mr Jairath said that BFL's new venture proves that Maharashtra is attracting the largest number of fixed capital investment among all the States in the country.

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