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Navi Mumbai SEZ reaches fin closure

The Navi Mumbai Special Economic Zone, or NMSEZ, promoted by Reliance Industries Ltd chairman Mukesh Ambani and infrastructure developer Jai Corp. Ltd, has achieved financial closure.

Mumbai-based Jai Corp. makes yarn, packaging bags for cement and foodgrains, and galvanized corrugated steel sheets.

The NMSEZ project – spread over 5,288 acres in Navi Mumbai – is estimated to need an investment of about Rs6,300 crore. The City Industrial Development Corporation of Maharashtra (Cidco) owns a 26% stake, while Ambani and Jain hold 53% and 10%, respectively. The rest is held by the original promoter Nikhil Gandhi.

Ambani and Jain are also planning a larger Mumbai Special Economic Zone (MSEZ) which has been facing resistance over land acquisition. Ambani will invest in his personal capacity in both the SEZs and own 90% in MSEZ while Jain, who is chairman of both SEZs, will own 10%. The MSEZ is estimated to need about Rs14,500 crore.

Both SEZs will have access to a captive power plant and a port, a water treatment plant and other facilities. All the projects, including the two SEZs, are estimated to need an investment of Rs35,000 crore. The project is partly funded by Infrastructure Development Finance Co. Ltd.

Jain told investors that development work had started on the NMSEZ, with 5km of boundary wall and warehouses complete and sewage treatment plant and water pipelines nearing completion. The NMSEZ is expected to be ready in 2015-16.

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