| Infrastructure Leasing and Financial Services (IL&FS) is floating a special purpose vehicle (SPV) with the local companies and Haldia Development Authority (HDA) for building industrial and physical infrastructure in Haldia.
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| The SPV will be a separate company and will not be under the joint venture outfit of IL&FS and WBIDC floated earlier this week.
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| Most of the leading companies from Haldia are participating in the SPV.
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| The state government would like to see Haldia develop into a special economic zone for chemical industries in the country.
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| The CEO of IL&FS, Pradeep Singh, told Business Standard that Haldia Petrochemicals Ltd (HPL), Exide Industries Ltd (EIL), South Asia Petrochem Ltd (SAPL) of the C K Dhanuka group and Haldia dock complex (HDC) of Kolkata Port Trust (KoPT) have agreed to participate in the equity of the proposed outfit for infrastructure development.
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| The name of the outfit will be Haldia Integrated Development Agency Ltd (Hidal).
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| "IL&FS will have 33 per cent stake in the outfit while HDA will have 33 per cent. The rest will be distributed between HPL, EIL, SAPL etc," he said. The initial paid up equity of the company will be closed to Rs 1 crore.
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| Singh indicated that some other companies might join the SPV later.
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| According to Singh, Hidal would take up projects like sewerage, water supply, bridge, a ring road and industrial infrastructure needed for the development of Haldia, like bus and truck terminals.
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| “The total project cost would be around Rs 700 crore. Top on the agenda is a plan to build a third bridge over river Haldi in order to improve the connectivity with the hinterland and a water supply connection project from Haldi river to the industrial town. The ring road and truck terminal are also high on the agenda,” he said.
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| The CEO of IL&FS said meetings on the constitution of the SPV had already been held with the representatives of HDA and the local companies in Haldia on May 24 to prepare the roadmap for the proposed outfit.
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| "IL&FS has started lining up funds for these projects in Haldia," he added. |
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