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Chennai, Feb 2 : Finally there is some light at the end of the tunnel for the much awaited Nanguneri special economic zone (SEZ) project. The private promoter for the project, US-based INFAC group, have now roped in Hyderabad based AMR Constructions as their partner in place of their earlier partner the Avani group of Kolkata.
According to informed sources, the Nanguneri High-Tech Park was originally promoted by both the INFAC group and TIDCO through ATMAC Ltd, a special purpose vehicle. While the INFAC group held bulk of the equity, the state government agency held only 1% stake. The project was conceived as an industrial park for high tech industries including engineering, electronics and pharmaceuticals. The foundation stone for the project was laid wayback in 2001 but never took off as the private promoter could not achieve financial closure.
The INFAC group paid about Rs 4 crore to Rs 4.5 crore for acquiring land but could not go ahead with the project because of financial constraints. So they decided to dilute their stake by bringing in a partner who would pick up majority stake in the project. First they brought in Kolkata-based real estate developer, the Avani Group. But again they could not achieve financial closure. So now they have roped in AMR Constructions who would be picking up about 68% stake in the high-tech park.
With this new partnership, the project is slated to take off very soon.The Hyderabad-based company has infact paid about Rs 6 crore which was due to TIDCO towards land acquisition cost. Also they have agreed to buy the balance portion of land to make it a 2,500 acres project as per the new rules for a multi product SEZ.
Sources said, now that the new partner has come in, things would start falling in place. The US based group along with their partner would prepare a revised master plan with the help of Jurong Corporation of Singapore. TIDCO has infact applied with the board of approval (BOA) for the formal notification for the Nanguneri SEZ. After that, it would become a custom bonded area and both the custom and excise departments would have to do their part of work, they added.
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