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Our Bureau

Chennai , Dec. 29

Marg Constructions plans to raise Rs 300 crore in the form of global depository receipts/foreign currency convertible bonds and/or qualified institution placement to fund its future projects, according to a company press release.

It has received in-principle approval from the Ministry of Commerce for establishing two special economic zones (SEZs) in Kanchipuram district near Mahabalipuram - a 312-acre SEZ for light engineering sector, including auto ancillary, and a 300-acre SEZ for services sector, according to the release.

The company's board, which met on December 23, also discussed the financial closure for the Karaikal Port Pvt Ltd - a special purpose vehicle of Marg — by a consortium of banks and financial institutions and agreements entered by Marg Business Park Pvt Ltd, a wholly-owned subsidiary of Marg, with Oakwood Asia Pacific Ltd to set up service apartment at Kazhipattur near Chennai.

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