MIL to invest Rs 2,000 crore in Rajasthan

"We have identified land for the for a five-star hotel in Udaipur. We will soon start acquiring land for the 200-room hotel, which would come near a lake," Vijay Kumar Jatia, chairman & managing director, Modern India, said here.

The hotel project is expected to cost Rs 1,000 crore, he added. He said that the company is also interested in setting up a SEZ in Rajasthan.

"We are identifying the area where setting up of SEZ would be beneficial and according to our estimations, this project would cost us Rs 1,000 crore," Jatia added.

Jatia pointed out that the company through its subsidiary, Modern India Property Developers Ltd, is already developing an electronic hardware and software SEZ on around 37 acres of industrial land at Khopoli in Maharashtra, strategically located on the national highway 4 with connectivity from two sides.

"The Rs 900 crore project is scheduled to be completed in three years and is being developed through a SPV in which MIL is a major stake holder," he added. MIL intends to adopt build-own-lease [BOL] model of development, whereby entire developed space would be given on lease or on business centre basis to business entities, ensuring steady flow of rentals. Besides developing a hotel and SEZ the company also plans to open a jewellery training institute in Rajasthan. "This institute would come up near Jaipur", he said.

Modern India Ltd presently has a vocational jewellery training institute in Mumbai called