Sterlite tech plans Rs 9,600-cr LCD project in Maharashtra

Project contingent on various fiscal concessions; Videocon to also proceed with similar project, at Navi Mumbai

Sterlite Technologies of the Vedanta group will set up an LCD (liquid crystal display) factory in Maharashtra at an investment of Rs 9,600 crore.

The state-run Maharashtra Industrial Development Corporation, nodal agency for development of industry in the state, has offered 50 acres in the Shendre industrial estate near Aurangabad and at Chincholi near Solapur.

State government officials said Sterlite may choose the Chincholi site, as it is nearer to the gas pipeline of Reliance Industries.

In its proposal to the government, Sterlite has sought a slew of incentives for the proposed project. Anurag Agarwal, project development head, who drafted the proposal, has requested the state government for assured continuous availability of piped natural gas at subsidised rates for 10 years and availability of up to 10 Mw of power at subsidised rates.

Besides, the company wants fiscal benefits such as a tax holiday, relaxation in import duties for raw materials and other tax incentives. It also wants special investment incentives such as capital expenditure/interest subsidy and single-window clearance for required approvals and incentives.

Sterlite plans to also make glass substrates at the plant and would export a third of the products manufactured there.

Videocon is also going ahead with a proposed Rs 8,000 crore LCD and semi-conductor production facility at Navi Mumbai. It will have capacity to produce 200 million units annually of LCDs, mirco circuits and semi conductors.