Bharat Forge, MIDC join hands for Pune SEZ

July 30, 2009

Bharat Forge and the Maharashtra Industrial Development Corporation (MIDC) have entered into a 74:26 joint venture to develop a 4,500-hectare special economic zone (SEZ) in Pune district. The shareholders’ agreement for the new company, Khed Economic Infrastructure, was signed on Wednesday, reports Business Line.

A Khan, Industries Secretary was quoted in the report as saying that the MIDC stake would be in terms of land and infrastructure. The exact quantum of investment was still not known.

The lease agreement would be signed in a week after which the first phase of 1,700 hectares would achieve financial closure. The land for this phase was in place; the process of procuring 2,000 hectares for the next phase was underway, the report added.

Bharat Forge has requested the State to expedite the process so that the second phase of land acquisition is completed by August 15. The Government has also given its clearance for 48 million cubic metres of water for the SEZ. According to a press release from the chief minister’s Office, nearly 25 lakh people would be employed in the SEZ over a 25-year timespan. The SEZ would house companies involved in heavy engineering, auto (and components), gems and jewellery, IT and electricals and electronics.