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| ONGC launches Mangalore SEZ Ltd.,envisages investment of Rs. 35,000 Crore |
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February 25, 2006, PressRelease |
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The Mangalore SEZ Ltd. – a new company – as a Special Purpose Vehicle (SPV) – has been incorporated on 24th February 2006 at Bangalore, to develop the Mangalore Special Economic Zone (SEZ).
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ONGC is the anchor co-promoter of this SEZ. The other equity-holders are the Government of Karnataka, Kannara Chamber of Commerce and Industry (KCCI) and Infrastructure Leasing and Financial Services Ltd. (IL&FS).
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ONGC would hold 26 per cent of the equity in the incorporated company. Government of Karnataka through its department Karnataka Industrial Area Development Board (KIADB) would hold 23 per cent and the balance 51 per cent would be jointly owned by KCCI and IL&FS. The New Mangalore Port Trust (NMPT) has shown interest to join the SEZ, subject to approval from the Ministry of Shipping, Road and Transport. If NMPT joins, the combined equity of KIADB and NMPT would be 23 per cent.
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The total investment envisaged for development of various projects by ONGC and its subsidiary Mangalore Refinery & Petrochemicals Ltd. (MRPL) in the SEZ is around Rs. 35,000 Crore.
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The main projects that would be developed in this SEZ are: (i) a Petrochemical Complex, (ii) a LNG (Liquified Natural Gas) Regasification Plant, (iii) C2-C3 Extraction from this regasified LNG, (iv) a Power Plant to cater to the power requirement of all units in the SEZ and (v) general industry, trade, banking, telecommunications and allied services for supporting the activities of the units in the SEZ.
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The projects in the SEZ shall be developed in an area of around 2450 acres of which 840 acres has already been acquired by KIADB. Actions regarding acquisition of the balance land are under progress.
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This coastal SEZ at Mangalore promises to boost the economy of the coastal zone of Karnataka, apart from providing substantial employment opportunities, both direct and indirect.
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