Unitech partners with Salim group to invest Rs 3,000 cr in WB

New Delhi, July 31 (UNI) Unitech today announced it has joined hands with Salim Group and Universal Success Group of Indonesia, forming a consortium to invest Rs 3000 crore in big time infrastructure projects including Special Economic Zones (SEZ) in West Bengal.

The consortium named New Kolkata International Development Pvt Ltd, a special purpose vehicle, will develop various projects over a period of fifteen years.

The development of a Chemical Industrial Estate, including a chemical SEZ on 10,000 acres in Nandigram, Purba Medinipur district, will be done in 50:50 joint venture with the WBIDC.

Another multi-product SEZ will be developed on 12,500 acres of land in Haldia, Purba Medinipur district.

About 400 acres of land in different locations has been allocated for SME Industrial Estates in South 24 Parganas and Purba Medinipur districts, in 50:50 joint venture with WBIDC. In these estates, the consortium will create the basic infrastructure required for SMEs, including land development, internal roads, power supply, water supply, drainage and sewerage, and effluent treatment.

It will construct the Eastern Link Highway, which will be a national highway standard expressway of four-lane status. The total length of the highway is around 100 kilometres, with a width of 100 metres and total land required will be about 2500 acres.

A four-lane road bridge with central divider will be constructed over the river Hooghly, from Raichak to Kukrahati by 2012. The consortium will maintain the bridge for 15 years, after which the state government will take over maintenance.

The consortium will pay the cost of acquisition of all the land required for the project. It will pay the cost upfront to the Requiring Body, as per the requisition. The cost of land acquisition will include payment of compensation to recorded bargadars at the rate of 25 per cent of the compensation paid to the owner of the land.

Some other projects include development of a residential-commercial complexes on in Kukrahati and Baruipur.

The SPV will also pay for the acquisition of over 1000 acres and 500 acres of land for setting up an Institutional Area by WBIDC and district headquarters of South 24 Parganas.

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