Mukesh aide to head Reliance group company-funded SEZs

Mukesh aide to head Reliance group company-funded SEZs
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First Published: Tue, Feb 20 2007. 06 07 PM IST
Updated: Tue, Feb 20 2007. 06 07 PM IST
PTI
Mumbai: The two Reliance multi-product SEZs coming up in the city outskirts viz. Mumbai special economic zone (MSEZ) and Navi Mumbai special economic zone (NMSEZ) would be funded by Reliance-promoted companies and headed by Mukesh Ambani’s point person Anand Jain.
“Anand Jain would be the Chairman of these two SEZs. Reliance Group companies would be the promoters for them,” NMSEZ President, Corporate Communication, Dilip Chaware said. The company is developing the NMSEZ in a joint venture with Cidco, a Maharashtra government agency, which has 26 % stake in the project.
Asked if group flagship Reliance Industries would fund these projects, Chaware said “No”. He, however, declined to divulge any further details of the group companies that would pump in the money. Asked if Mukesh Ambani would control some direct stake in the SEZs he said, “Mukesh Ambani-led Reliance Group companies and Anand Jain would be the shareholders of these SEZs.”
A special purpose vehicle (SPV) will be created for these SEZs and there will also be a separate SPV for developing infrastructure. On the land acquisition issue, Chaware said the NMSEZ would require 4,000 hectares of which 1,600 hectares have been sanctioned by the state government and the remaining is yet to be sanctioned.
A minimum of 1,000 hectares is required to be acquired for obtaining the final notification. The project has got all the required environment clearances and is awaiting the Union government approval on the notification.
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First Published: Tue, Feb 20 2007. 06 07 PM IST
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