Unitech plans to set up two product specific SEZs

Unitech plans to set up two product specific SEZs

New Delhi: Unitech Ltd, the country’s second largest realty firm, is planning to set up two Special Economic Zones (SEZ) for automobiles and apparel sectors in Haryana and will soon approach the government for approval.

“We are planning to apply for two product specific SEZs after a couple of months. One is for auto and another is for apparel," company’s Chairman Ramesh Chandra said.

Unitech, which presently has seven SEZs in its portfolio, would apply for the approval with the Commerce Ministry within the next six months, he added.

Asked if the company had identified the land for these two planned SEZs, Chandra said: “Yes. We already have about 70% of the land. It is in Haryana."

He, however, declined to comment on the sizes of the two SEZs.

Presently, Unitech has seven notified SEZ projects in Kolkata, Gurgaon, Noida, Greater Noida, Tamil Nadu and Andhra Pradesh.

“We have seven notified SEZs. Construction is going on in three SEZs and they are also partly occupied," Chandra said, adding that the construction activities in one more SEZ would start very shortly.

Asked how much the company plans to invest in its SEZ projects, Chandra declined to comment saying, “It is demand oriented. We construct to the extent we are able to let out".

He, however, said some of the SEZ projects have private equity funding.

Besides SEZs, the company is also planning to focus on mid-income housing and expanding its hotel business.

Earlier this month, Unitech had announced to invest about Rs2,500 crore to develop 35 hotels across the country over the next seven years, while similar amount would be pumped in to build 10,000 units in Rs30-50 lakh category.