Agency report - with inputs from New Delhi
 
Mangalore, Mar 10: Oil & Natural Gas Corporation Ltd (ONGC) announced on Friday that Subir Raha, C&MD of the Company and chairman of its subsidiary Mangalore Refinery a Petrochemicals Ltd (MRPL) has been unanimously chosen as the Chairman of the newly-formed Mangalore SEZ Company Ltd., in its first Board Meeting held on March 9, 2006.

The Board meeting was attended by directors representing the company, MRPL, Karnataka Industrial Area Development Board (KIADB), Kanara Chamber of Commerce and Industry (KCCI) and Infrastructure Leasing and Financial Services Ltd. (IL&FS).

This Mangalore SEZ Company Ltd. was incorporated on February 24, 2006 at Bangalore to develop the Mangalore Special Economic Zone (SEZ). The new company is a joint venture between the company (the anchor promoter), the government of Karnataka (through KIADB), KCCI and IL&FS.

In addition to petroleum and petrochemical-related investments of the Company (and its subsidiary MRPL) of more than Rs3500bn, the SEZ shall also have general-purpose support activities, like banking and telecom. The SEZ shall be developed in an area of around 2450 acres of which 840 acres has already been acquired by KIADB.