| The Asian
Development Bank and the International Finance Corporation
have agreed to pitch in approximately $75 mn towards
the Mumbai Integrated Special Economic Zone (MiSEZ).
The equity ratio will be decided only after both
the financial biggies conduct a due diligence on
the project.
The Gujarat
Positra Private Infrastructure Ltd, which is engaged
in the MiSEZ, has now been renamed as the Mumbai
Integrated SEZ Ltd and has submitted a proposal
to construct a captive airstrip in the MiSEZ to
the Ministry of Civil Aviation.
The MiSEZ is
an amalgam of the Maha Mumbai SEZ and Navi Mumbai
SEZ projects. The MiSEZ has acquired 74 % equity
in Navi Mumbai SEZ Development Co Pvt Ltd, with
the remaining 26 % staying with the Maharashtra
government. The Maha Mumbai SEZ will be spread over
2,126 hectares in the first phase, while Navi Mumbai
will cover 450 hectares.
MiSEZ however
is still scouting for more funds, with estimates
of Rs. 2,500 crore ( approx $ 555 mn) to kick-start
the first phase of the project. Several domestic
and international financial institutions have however
pledged their support, with Rs. 500 crore (approx
$ 110 mn) coming from IDBI and Rs. 200 crore (approx
$44 mn) from IFCI. Jurong Consultants of Singapore,
which has been appointed master planners and engineers
for the project, has picked up a 10 per cent stake.
American firm Parsons Brinckerhoff has also picked
up a similar stake.
Besides agreements
with approximately 200 companies for land acquisition
and negotiations have been already signed and another
900 are in the pipeline, with companies from sectors
such as auto components, micro-electronics, pharmaceuticals,
engineering and services showing interest in setting
up units in the zone.
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