TN moves to revive Nanguneri SEZ
TIMES NEWS NETWORK[ FRIDAY, APRIL 27, 2007 06:40:11 PM]
CHENNAI: The Tamil Nadu government is seeking to revive the proposed SEZ
project at Nanguneri in Tirunelveli, the foundation stone for which was
laid six years ago. The state government, which has moved the Centre for
an early clearance by the commerce ministry, is keeping its fingers
crossed for a quick closure.
"We hope to get the approval by May 9 when the Board of Approval (BOA)
is scheduled to meet. The construction work would begin subsequently.
One by one various state proposals are being given due attention,"
sources close to the developments added.
One other major hurdle that appears to have been overcome is that
US-based INFAC group, the main promoters, have been able to rope in the
AMR group of Hyderabad as a new partner. Alongside, formalities to
attain the multi-product status has also now been completed, sources
told ET.
Conceived in 2001, this SEZ in a backward district was the pet project
of the former union commerce and industry minister, late Murasoli Maran.
The foundation stone for it was laid with much fanfare during the
previous DMK regime.
However, the project was put on the backburner during the subsequent
AIADMK regime. Political compulsions apart, the project hit a roadblock
when the US-based INFAC, the main promoter, was unable to achieve
financial closure. Subsequent efforts to bring in a Kolkata-based
promoter also fell through.
INFAC jointly promoted the SEZ along with the Tamil Nadu Industrial
Development Company (TIDCO) through a special purpose vehicle, Advanced
Technologies Manufacturing and Assembly (ATMAC).
The US group has managed to bring in the new partner after completing
the process of acquiring 400 acres of the 2,500 acre multi-product
specifications.
"The master plan has been completed by the Jurong Town Corporation of
Singapore," the sources said, adding that an investment of over Rs 600
crore would be needed to create the infrastructure.
Noting that the surge of investments into Tamil Nadu has prompted the
government to revive the stalled SEZ project, sources said the SEZ,
about 500 km from Chennai, once operational, would have a dedicated
telecommunication infrastructure, including a fibre optic network,
digital switching and a satellite earth station.
The SEZ would house light engineering firms, precision engineering
companies, pharma majors and electronic hardware and chip design
manufacturers and is also expected to attract major hi-tech industries
and those promoting clean environment technology.
posted by Sudarshan Rodriguez at 11:40 AM
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