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Mumbai, Dec 26 (UNI) After picking up 50 per cent stake in N G Realty Private Ltd, Atlanta Ltd has entered into a memorandum of understanding (MoU) with the Ahmedabad-based realty firm for setting up a special economic zone (SEZ) for engineering units at village Rajoda and Vasna Chacharwadi in Bavla taluka, about 25 km away from Ahmedabad.

Briefing the media here today, Atlanta Ltd MD Rajhoo Bbarot said ''The proposed SEZ project entails an investment of Rs 1,000 crore within a period of two years and 230 hectares of land, as required for the project, has already been acquired by us.'' However, he continued ''we are now waiting for the final approval to be given by the Union Ministry of Commerce before the actual work starts on the project.'' The board, which has been formed by the Ministry for clearance of such projects, is likely to meet early next month, he informed.

Mr Bbarot said due diligence of the project is already over and if all goes well, the construction would begin by March next year. It will take two years for the complete construction of the project.

As many as 183 units can be adjusted in the SEZ, which will be unique of its own kind in Gujarat.

He said the project is well connected by road, rail, air and sea routes and would provide adequate infrastructure and required support services to investors/industrialists to compete globally in terms of quality and cost of the product manufactured by them in SEZ. The sea ports like Kandla, Mundra and Pipava are located within a range of 400 km from the venue, Mr Bbarot noted.

Once the process of total SPV (Special Purpose Vehicle) for the proposed project is over, a new company would be formed, which will be known as Atlanta-N G Reddy Pvt Ltd, he added.

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