Videocon to set up multi product SEZ in Punjab

Chandigarh, Sep 9 (UNI) Electronics and Home Appliances major, Videocon Group will set up a multi product SEZ in Punjab with an intial investment of Rs 100 crore.

''This is the intial investment, which will be increased to Rs 500 crore later on and even beyond,'' Videocon Chairman Venugopal N Dhoot said here today.

Addressing a press conference, Mr Dhoot said that the SEZ would be for electronics and hardware and also for agro-based products as this industry had a great scope in a agri-state like Punjab. The SEZ will be set up on 2,500 acres of land.

Mr Dhoot informed that an application in this regard had been forwarded to the Punjab government. He is scheduled to meet Chief Minister Parkash Singh Badal this evening.

However, Mr Dhoot made it clear that the company would acquire the land for the project directly from the farmers or land owners at the market rate. The land owners will be provided jobs in this SEZ and would also be made share holders in the project, he added.

The Videocon Chairman said that Punjab was an ideal state for an SEZ as it had the required infrastructure. Power would be no problem in the years to come as the Punjab government has planned out a number of power projects, he said while replying to a query.

UNI