Orient Craft to invest Rs 2,000 cr in Gurgaon SEZ

New Delhi, Nov 16 (UNI) Orient Craft, country's leading manufacturer and exporters of garments will pump in Rs 2,000 crore for setting up a special economic zone for textile in Gurgaon.

''We will invest Rs 2,000 crore into the SEZ in the three phases,'' Orient Craft Chairman and Managing Director Sudhir Dhingra told reporters here.

Mr Dhingra added that out of Rs 2,000 crore, Rs 500 crore would be invested initially through its own internal accruals. In the first phase, to be completed by end 2007, will cover 284 acres of land.

The company has already acquired 460 acres of land and plans to purchase upto 750 acres in Gurgaon-Manesar road, said Mr Dhingra who added that this SEZ would provide employment opportunity to 30,000 people.

The whole project will be finished by January, 2010, he said, adding that the company is also planning to raise Rs 350 crore through IPO by the first half of next calender year, by which it will divest 25 per cent stake.

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