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SPV for Mangalore SEZ likely by mid-December

Our Bureau

  • The SPV formation will help expedite the work on the proposed SEZ. ONGC, through its subsidiary MRPL, is planning to invest around Rs 21,000 crore in the petrochemical projects of the proposed SEZ.
  • Mangalore , Oct. 26

    THE special purpose vehicle (SPV) for the implementation of a special economic zone in Mangalore is likely to be formed by the middle of December.

    This was decided at a high-level meeting of the stakeholders of the proposed SEZ in Mangalore on Tuesday evening. The meeting — which was chaired by Ms Lakshmi Venkatachalam, Principal Secretary, Department of Commerce and Industries, Government of Karnataka - discussed issues such as the formation of an SPV for the implementation of an SEZ and the establishment of an information technology SEZ in Mangalore.

    Speaking to Business Line after attending an interactive meeting with the members of Kanara Small Industries Association here on Wednesday, Ms Venkatachalam said the SPV would be formed by the middle of December.

    To begin with, the Karnataka Industrial Areas Development Board (KIADB) and Mangalore Refinery and Petrochemicals Ltd (MRPL) would be the major stakeholders in the SPV. The Government would have 49 per cent share in the SPV, she added.

    Though a nodal officer has not been appointed for the SPV, an official will be given the charge of co-ordinating the SPV-related works.

    Some of the representatives of stakeholders, who attended Tuesday's meeting, said February 28 is the last date for the formation of SPV. This time, the Union Government has made it clear that there will not be any extension of the last date for SPV formation. They said that Ms Venkatachalam would hold another meeting in Mangalore in the third week of December, after the formation of the SPV.

    They said Ms Venkatachalam asked the NMPT to become a partner of the Mangalore SEZ project. Sources in NMPT said that the port could be a partner in the project, provided it gets consent from the Board of Trustees and the Union Shipping Ministry.

    The SPV formation will help expedite the work on the proposed SEZ. Oil and Natural Gas Corporation, through its subsidiary MRPL, is planning to invest around Rs 21,000 crore in the petrochemical projects of the proposed SEZ.

    IT SEZ

    Asked about the status of IT SEZ in Mangalore, Ms Venkatachalam said the KIADB has got `in-principle' approval for an IT SEZ here.

    It may be mentioned here that the Karnataka Government has issued notification for the acquisition of 550 acres of land for an IT SEZ in Mangalore. It is said Infosys has sought 311 acres of land for establishing its unit in the proposed IT SEZ.

    Representatives from the Kanara Chamber of Commerce and Industry, MRPL, NMPT and Infosys attended the meeting.

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