Wednesday, February 14, 2007

Marg to develop 2 SEZs at Rs 1,442 cr investment

Posted online: Tuesday, February 13, 2007 at 0010 hours IST

CHENNAI, FEB 12: Infrastructure development company, Marg Constructions
Ltd will be developing two special economic zones (SEZs) at Cheyyur in
Kancheepuram district with an investment of Rs 1,442 crore. The company
is waiting for the final nod from Foreign Investment Promotion Board (
FIPB) to ahead with the project.
The company has already acquired land to the tune of 612 acres for the
projects. Chief financial officer of the company, Brij Bhushan, said "we
have already obtained an in-principle clearance for both the projects.
We now need only the final go ahead from FIPB and it should happen
hopefully by next month. Of the total cost of Rs 1,442 crore, about Rs
122 crore will be the equity component, Rs 286 crore will be the debt
part and the balance of Rs 1,034 crore will be advances from the
prospective customers. We will do the financial closure for the projects
within two months of obtaining the final clearance. The overall cost
will be shared almost equally between both the projects".


One of the SEZs being planned is for light engineering and auto
ancillary industries and the other one is for the services industry
covering sectors like IT, ITeS, KPO, BPO, research and development,
health care and education. While the light engineering SEZ would come up
in 312 acres of land, the services SEZ would be developed in about 300
acres of land. "We are hopeful of making both the SEZs successful. In
fact already we have got enquiries from MNCs to set up their facility
within the SEZs. For example, couple of companies from Sweden have shown
interest in the light engineering and auto ancillary SEZ", he said.

Talking about the company's plans for setting up an SEZ at Tirupati in
Andhra Pradesh, Bhushan said, "we are in the process of acquiring about
25 acres of land for the purpose. The SEZ is coming up in Kotramangalam
village and will be exclusively for the IT and ITeS sector".


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