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Our Bureau

Mumbai , Dec. 26

Infrastructure development and construction company, Atlanta Ltd, is foraying into the special economic zone (SEZ) segment.

The company has concluded a memorandum of understanding with Ahmedabad-based NG Realty Pvt Ltd to set up a Rs 1,000-crore SEZ exclusively for engineering units at Bavla, about 26 km from Ahmedabad.

As part of the MoU, Atlanta has picked up 50 per cent equity in the Atlanta NG Realty Pvt Ltd, the SPV formed for setting up the SEZ. Atlanta paid Rs 91 crore for the 50 per cent equity in the SPV, with NG Realty holding the remaining 50 per cent.

Mr Rajhoo Bbarot, Managing Director of the company, told newspersons here on Tuesday that as per the MoU, Atlanta will have the first right of refusal for the various sub-contracts involved in the development of the zone, including construction of roads, embankment, sewage, water supply system and a Rs 500 crore captive power plant of about 150 MW capacity.

He said the SPV has already acquired the required land of 230 hectares for the project. The company is expecting to get the final approval from the Ministry of Commerce in January, after which it would start its marketing and construction activities.

On the means for financing the project, he said once the approval was received, the company would work out a financial model, which will include a debt component.

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