Business Standard
New Delhi, Aug 4: Finance Minister P Chidambaram today fixed December 31 as the deadline to complete all formalities relating to the Mangalore SEZ, jointly promoted by ONGC and Karnataka Industrial Area Development Board (KIADB).
The project, where ONGC is planning a petrochemical complex with Rs 35,000 crore investment, has been delayed due to land acquisition issues. At present, 1,721 acres of land have been acquired for the project. Another 600 acres are required for the SEZ.
Chidambaram, who was in Karnataka to review the state's infrastructure development, directed the state government to transfer 268 acres in its possession to the SEZ by September 15. "KIADB has to complete the land acquisition process for the remaining portion (262 acres) by November 30. The environmental impact assessment has to be completed before September 30," he said.
The finance minister made it clear to his officials that all clearances and formalities for the Mangalore SEZ should be completed by December 31. "Once this process is completed, the promoters will take over the project for development," he added.
The progress of the SEZ will be monitored by the Prime Minister's Office and the finance ministry and by the chief minister at the state level.
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