Mumbai-based infrastructure development company Atlanta has entered into a memorandum of understanding (MoU) with Gujarat-based NG Realty for setting up an engineering special economic zone (SEZ) at Rajoda and Vasna Chacharwadi in Ahmedabad district. | |
| The total project cost of SEZ is Rs 1,000 crore and the company has acquired 230 hectares of land. Over 75 per cent of the area of SEZ would be earmarked for the processing area for engineering units while the remaining would be for non-processing units. |
| |
| Atlanta has already paid Rs 91 crore for the 50 per cent shareholding of NG Realty for setting up a company for this project. Company officials said the Gujarat government had extended initial clearance for the project. |
| |
| "The company will take necessary approvals from the ministry of commerce and industry shortly. The construction of SEZ is expected by March 2007 and would be complete in 24 months," said a senior Atlanta executive. |
| |
| Atlanta will have the first right of refusal for the contracts and bids quoted by bidders, subject to Atlanta meeting the specifications of the contract to be awarded and in terms of lowest price of the bid. |
| |
| The SEZ will be connected by road, rail, air and sea routes and provide adequate infrastructure and required support services to investors/industrialists to compete globally in terms of quality and cost of the product manufactured by them. |
| |
|
| |
