Investing Trends

Largest FDI proposal for Maharashtra

Bahrain-based Islamic investing depository financial institution Gulf Finance House (GFH) have signed an understanding with the Maharashtra authorities to put up a $10 billion (Rs 40,000 crore) particular economical zone (SEZ) in five years.

This is the biggest foreign direct investing (FDI) proposal in the state and stands for a five-fold addition from an earlier proclamation by GFH for a $2 billion to $2.5 billion investing in an "energy city".

The scope of the SEZ have also been expanded to include IT, IT-enabled services, cordial reception and entertainment.

The company said it will put up the SEZ on 1,600 estate (648 hectares) of land at Panvel, nearly 50 kilometer outside Mumbai.

ON THE MONEYThe five biggest SEZs by investment

Developer/State

Area (hectares)

Sector

Investments proposed (Rs/cr)

Kakinada SEZ Pvt Ltd Andhra Pradesh

1035

Multi-product

71800

Reliance Infastructure Ltd Gujarat

1764

Multi-product

35080

Gujarat Adani Port Ltd Gujarat

2406

Multi-product

28805

Dahej SEZ Gujarat

1718

Multi-product

15700

Essar Hazira SEZ Gujarat

247

Engineering

13710

Source:

Of this, 600 estate will be allotted for edifice business offices for energy companies; software system and telecom will inhabit 300 to 400 acres.

Entertainment-related activities will be housed on 400 estate of land.

GFH is in advanced phases of dialogues with investors from North United States and Europe to put up installations in the SEZ.

GFH have already raised $630 million to finance the first form of development and takes at mobilising $700 million in six months, said President Esam Janahi.

"GFH will pass $2 billion to $2.5 billion to purchase land and develop the substructure at the SEZ and another $3 billion to build edifices and other facilities," said its acting head executive director military officer (CEO) Simon Peter Panayiotou.

The monetary fund spending on the undertaking is more than than dual a similar undertaking to be put up by GFH to develop a concern and residential territory for energy companies in China.

The full money will come up from 3,000 affluent people and fiscal establishments in Occident Asia.

Speaking at the agreement-signing ceremony, Maharashtra Industry Secretary Volt Kelvin Jairath said the SEZ have a possible of creating 300,000 occupations directly or indirectly.

Maharashtra Head Curate Vilasrao Deshmukh said, "GFH will assist us to keep our place as the prima state as far as attracting FDI is concerned."

He added that more than than 80 undertakings with over Rs 80,000 crore of investings have got come up to Maharashtra since 2005.