New Delhi: The government may have decided to freeze more approvals for special economic zones (SEZ) but one company which has secured in-principle approval for three zones, Rockman Projects, is already considering a stake sale and an initial public offering (IPO) to part-finance its plans.
The company is in talks with Jurong International Group, a Singapore-based developer of special economic zones for picking up equity in its zones.
Rahul Soni, a vice-president at Rockman Group, of which Rockman Projects is a part, said that the freeze on approvals would not hurt it since the group already owned the land on which it was planning the SEZs and has done so since 1992. “We hope to get our clearances early,” he said.
“We are planning an IPO in May which is expected to raise around Rs400 crore. In addition to this, we are also talking to companies for becoming joint venture partners or picking up to 49% equity in the zones,” said C.S. Agarwal, the managing director of the Rockman group.
The company has obtained in-principle approval for three zones, a multi-product SEZ in Jaipur spread over 1,012 hectares, a multi-services SEZ at Gurgaon spread over 100 hectares and a textile SEZ in Ludhiana spread over 100 hectares. The company has projected an investment of over Rs6,000 crore in the three zones.
Agarwal said that Jurong International Group had already evinced interest in picking up equity in the three zones. “No numbers have been finalised so far, but we are talking to them,” he said, adding that Rockman Projects will retain 51% equity in each of the three zones.
Soni said that the company had so far invested Rs600 crore in the SEZs. “The Jaipur and the Gurgaon SEZ will generate one lakh direct jobs each while the Ludhiana SEZ will create 12,000 direct jobs,” he added.