Business Daily from THE HINDU group of publications
Monday, May 28, 2007
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Business Daily from THE HINDU group of publications Monday, May 28, 2007 ePaper |
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Corporate
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New Projects Industry & Economy - Non-conventional Energy States - Tamil Nadu Future Energy's SEZ may get $500-m investments M Ramesh
Italian company Elosole could invest anywhere between $250 million and $500 million.
Chennai May 27 Overseas manufacturers of renewable energy generation equipment are likely to invest over $500 million (Rs 2,000 crore) in the special economic zone that is coming up near Chennai, the Chairman of the company that is promoting the SEZ told Business Line today. The Rs 1,300-crore, 670-acre SEZ that is being developed by Future Energy Zone India Ltd (FEZ) received the approval of the Tamil Nadu Cabinet on Saturday. It is coming up "off GST-road" some 45 km from Chennai city centre. FEZ has been promoted by Malavalli Power Plant Ltd and the Kamala group of Mumbai.
Larger Investments
The Chairman of Malavalli Power, Mr K. Krishnan, told Business Line today that the SEZ would have two components— a technology park and an industrial park. The technology park will feature facilities for R&D, education and training, laboratories and even convention centres. The industrial park is where the manufacture of renewable power equipment will happen. Among the larger investments that are expected to come into the park is that of an Italian company Elosole, a manufacturer of photo voltaic cells. Elosole was promoted by Mr Krishnan, but has several large companies as shareholders.
Probable Investors
Mr Krishnan said that Elosole alone could invest anywhere between $250 million and $500 million (Rs 1,000 crore and Rs 2,000 crore) in the SEZ. Other manufacturers would invest at least $300 million, he said. He did not want to mention the names of the probable investors. "They will have to make the announcements themselves," he said. Why Chennai? Mr Krishnan said that the SEZ developers were looking for an area which had strengths in both mechanical and chemical engineering. They came up with a shortlist — Chennai and Pune. But "Chennai has a port." The Tamil Nadu Government is also very pro-active, he said.
More Stories on : New Projects | Non-conventional Energy | Infrastructure | Tamil Nadu
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