MSEZ infrastructure to be developed using 1050 cr

Mangalore, Sep 9: An estimated Rs 1,050 crore would initially be pumped into the multi-product Mangalore Special Economic Zone (MSEZ), expected to start operations here in the next two years, to develop its infrastructure, including port, roads, airport, drainage and water supply.

A release issued in connection with the Symposium on ''Entrepreneurial opportunities provided by Mangalore SEZ,'' said the ONGC, the anchor co-promoter of MSEZ, which would be holding 26 per cent of the equity, envisaged to invest Rs 35000 crore for development of various projects by it and its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL). The other equity holders would be Karnataka Industrial Area Development Board, the Kanara Chamber of Commerce and Industry (KCCI) and Infrasturcture Leasing and Financial Services Limited (IL and FS).

The release said that the MSEZ proposed to spread over 1,320 hectares, with a processing area of 700 hectares, and once the process of acquiring land was completed, it planned to raise foreign equity for its project.

Exports from the zone during the initial years was estimated to be Rs 5,000 crore per year and further expected to touch Rs 8000 crore to Rs 10,000 crore upon achieving optimum capacity utilisation.

The main projects developed in the MSEZ included a petrochemical complex, a LNG regasification plant, a power plant to cater to the needs of all units in the SEZ and general industry, trade, banking and , telecommunication and allied services for supporting the activities of the units.

The release said that the export performance of the functional eight sezs--located at Kandla and Surat (Gujarat),Cochin (Kerala), Santa Cruz (Mumbai), Falta (West Bengal), Madras (Tamil Nadu), Vishakapatnam(Andhra Pradesh) and Noida(Uttar Pradesh), during 2004-05 was to the tune of 18,309 crore, an increase of over Rs 4400 crore registered during thhe corresponding period the previous year.

The symposium was organised by ''Omega'' a voluntary organisation of student commumity of T A Pai Management Institute, Manipal and Centre for Small Business Management, Manipal.

UNI