New Delhi: Two Reliance multi-product SEZs, Mumbai special economic zone (MSEZ) and Navi Mumbai special economic zone (NMSEZ), will be funded by Reliance-promoted companies.
The two SEZs will be headed by Mukesh Ambani's point person Anand Jain.
"Anand Jain would be the Chairman of these two SEZs coming up in the outskirts of Mumbai. Reliance Group companies would be the promoters for them," PTI quoted NMSEZ President, Corporate Communication, Dilip Chaware saying in Mumbai.
Reliance is developing the NMSEZ in a joint venture with Cidco, a Maharashtra government agency which has 26 per cent stake in the project.
When asked if group flagship Reliance Industries would fund these projects, Chaware said "No". He, however, declined to divulge any further details of the Group companies that would pump in the money.
"Mukesh Ambani-led Reliance Group companies and Anand Jain would be the shareholders of these SEZs. A special purpose vehicle (SPV) would be created for these SEZ's and there will also be a separate SPV for developing infrastructure facilities,” Chaware added.
On the land acquisition issue, Chaware said the NMSEZ would require 4,000 hectares of which 1,600 hectares have been sanctioned by the state government and the remaining is yet to be sanctioned.
About 1,000 hectares is required for obtaining the final notification. The project has got all the required environment clearances and is awaiting the Union government approval on the notification.
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