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JNPT SEZ eyes Rs 900-1,000 crore from land auction

Jawaharlal Nehru Port Trust's Special Economic Zone (SEZ) is expecting to rake in Rs 900-1,000 crore from auction of a 300-acre land parcel meant for industrial area, a top official has said.

PTI|
Nov 25, 2018, 03.23 PM IST
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Agencies
JNPT
The land, which will be auctioned by December-end, falls under the 670-acre SEZ developed near the port.
Jawaharlal Nehru Port Trust's Special Economic Zone (SEZ) is expecting to rake in Rs 900-1,000 crore from auction of a 300-acre land parcel meant for industrial area, a top official has said.

The land, which will be auctioned by December-end, falls under the 670-acre SEZ developed near the port.

To make the auction process attractive, the JNPT has relaxed certain norms in the SEZ which includes easy exit by transferring assets to another entity.

"We expect not less than Rs 900-1,000 crore from the largest land pacel in the SEZ meant for industrial and manufacturing activity," a top JNPT official told PTI.

JNPT SEZ had received a valuation of Rs 13 crore an acre in the auction for a 44-acre plot for warehousing, against a reserve price of Rs 2 crore.

However, JNPT is expecting the land parcel to fetch around Rs 3 crore an acre as the land use may not be that attractive to buyers and can only be used for industrial and manufacturing activities.

A pre-bid meeting has been proposed in December.

Sources said Taiwanese IT major Foxconn and Dubai-based DP World have evinced interest to participate in the auction.

Foxconn emerged as the second highest bidder in the 44-acre plot for warehousing but lost to DP World.

Foxconn, the largest contract manufacturer of mobile phones and TV panels in the country, had earlier announced investing USD 5 billion in Maharashtra.

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