ONGC to almost double its investment in Mangalore SEZ project

Mangalore, Mar 19 (UNI) The Oil and Natural Gas Corporation (ONGC) has decided to almost double its investment in the proposed Special Economic Zone (SEZ) project here to Rs 45,000 crore, its Chairman Subhir Raha said today.

Talking to reporters on the sidelines of a function here, he said the company was ready to invest in more components to the tune of Rs 45,000 crore, instead of the originally planned Rs 25,000 crore. It had proposed to invest Rs 13,000 crore in the auromatic segment and Rs 15,000 crore in the petrochemical complex and refinery expansion of 15 MM TPA of Mangalore Refinery and Petrochemicals Limited(MRPL), including gas track and LNG terminal in the proposed project.

Mr Raha said the company would also invite other investors to invest in the project, once the project gets commissioned.

He said the Prime Minister's Office had cleared the participation of the New Mangalore Port Trust (NMPT) in the SEZ project. NMPT had agreed to invest and provide land. Chief Minister H D Kumaraswamy and the Chief Secretary, who held a meeting with the Prime Minister and top ONGC officials, had supported the project.

Mr Raha, recently appointed Chairman of the newly-formed Mangalore SEZ company by the Government, argued that Mangalore should have a separate commissioner to speed up the procedures, instead of a Central Commissioner for all SEZs in the country.

He said MRPL was contemplating to come out with retail outlets for diesel and petrol after getting good response from the public to its maiden outlet here. By Diwali, it would come out with retail outlets, including one here, and planned to expand ONGC-MRPL outlets to other parts of the country by Christmas.

Earlier inaugurating the new kitchen phase-I of 'Akshayapatra' by International Society for Krishna Consciousness (ISKCON) to provide free mid-day meals to school children here, he said the company was commited to invest in community services. It was also recruiting people from ITI and polytechnics, he added.

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