Since IL&FS Ltd has handled other SEZs in the country, it will be in a position to identify suitable developers for multi-product component in the SEZ.

Our Bureau

Mangalore, Feb. 27

The Kanara Chamber of Commerce and Industry (KCCI) one of the stakeholders in the Mangalore Special Economic Zone (SEZ) Ltd is hopeful of attracting developers for the general-purpose multi-product component in SEZ.

Announcing the formation of Mangalore SEZ Ltd a company formed for the implementation of SEZ in Mangalore at a press conference here on Monday, Mr A. Srinivasa Rao, KCCI President, said that Oil and Natural Gas Corporation (ONGC) Ltd and its subsidiary, Mangalore Refinery & Petrochemicals Ltd (MRPL), have envisaged a total investment of around Rs 35,000 crore in various petrochemical-related projects in Mangalore SEZ Ltd. ONGC is the anchor investor and co-promoter of this SEZ.

He said that KCCI and Infrastructure Leasing and Financial Services (IL&FS) Ltd who together hold 51per cent equity in Mangalore SEZ Ltd would now look for developers for multi-product component within Mangalore SEZ.

"IL&FS Ltd will do due diligence in this regard. Since IL&FS Ltd has handled other SEZs in the country, it will be in a position to identify suitable developers for multi-product component in the SEZ," he said. A private sector shipbuilding company has shown interest to join the company as a developer, he said. It may be mentioned here that ONGC-MRPL, which is the anchor investor in the company, will invest in petrochemical projects in around 2,450 acres of land in SEZ. More than 400 acres of the remaining land will be available for the development of general-purpose multi-product component in SEZ.

Basic infrastructure

Mr Rao said that Mangalore SEZ Ltd would now have to look at parallel processing activities for the development of basic infrastructure at SEZ site.

Stating that around 20 MGD of water is required for the SEZ, he said a technical feasibility study has already been in this regard. According to the study, water required for the SEZ could be pumped from the rivers such as the Netravati, the Gurpur and the Pavanje in Dakshina Kannada district.

In this regard, a meeting will be held with the officials of the Water Department soon.

(This article was published in the Business Line print edition dated February 28, 2006)
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