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

[] The JNPT’s Special Economic Zone is aiming to raise Rs 900-1,000 crores, by the end of December 2018, through the auction of a 300-acre land parcel near the port, meant for an industrial area

Jawaharlal Nehru Port Trust’s Special Economic Zone (SEZ) is expecting to rake in Rs 900-1,000 crores, from the auction of a 300-acre land parcel meant for industrial area, a top official has said. The land, which will be auctioned by December 2018-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 crores from the largest land parcel in the SEZ, meant for industrial and manufacturing activity,” a top JNPT official said.

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JNPT SEZ had received a valuation of Rs 13 crores an acre, in the auction for a 44-acre plot for warehousing, against a reserve price of Rs two crores. However, JNPT is expecting the land parcel to fetch around Rs three crores 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 2018. 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 investments of USD five billion in Maharashtra.

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Debora Berti

Università degli Studi di Firenze, IT

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