Mihan may see better days

 The stuck Mihan project may finally see some movement. Five major players including Mahindra Satyam and Tata Consultancy Services have assured to start construction on their projects in Mihan-SEZ within a few months. The companies that have taken land in the project gave this commitment in a meeting with Maharashtra Airport Development Company (MADC) officials. Other companies to have given the assurance are L&T Infocity and Ambuja Realty that are coming up with IT parks along with Leela Ventures, a pharmaceutical company.

Representatives of 30 out of 54 companies allotted land in the SEZ attended the meeting. Others are expected to follow in due course though they did not give any firm commitment, said sources.

The vice-chairman-cum-managing director of MADC UPS Madan said the meeting was organised to discuss future development and expansion of MIHAN and the adjoining SEZ. The project is virtually stalled for the last three years after the companies did not start their projects following global recession.

The 24 companies that did not attend the meeting would be approached soon for their response, Madan said. DLF has promised to follow that have assured to start work, he said. It plans to come up with a IT Park too. This is part of the MADC’s strategy to look for new investors on the one hand and motivate the existing ones to start the operations on the other.

Once a few existing players start off, that may attract fresh investment, said a source in MADC. These firms will begin with the paper work including registration of the land deed with MADC and the actual construction may begin in five to six months, he said. Since more than three years have passed after allotment of land to Satyam and the work has not begun, its letter of approval for availing benefits of a SEZ will have to be renewed by the ministry of commerce, added the source.

On DLF, he said officials of the realty major had visited Mihan site recently but the company still appeared to be in two minds over Nagpur project. MADC was keen to assist it in marketing the IT Park that DLF planned to develop. Availability of cheap electricity through captive power plant was one of the concerns raised by the companies’ representatives. The plant is expected to be ready by September or October.

About likelihood of Shivangaon land owners creating roadblocks in building a second runway, Madan said he hoped land acquisition issue would be amicably resolved in due course. He also said that the revenue of MADC was picking up when asked about company’s sinking finances.

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~ by nagpurestate on July 14, 2011.

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