Government of Maharashtra & Bharat Forge join hands to set up a multi-product SEZ in Pune District

Bharat Forge Ltd (BFL) has announced that the Company has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to jointly develop a multi-product Special Economic Zone (SEZ) in Khed Taluka of Pune District.

The SEZ is expected to attract investments of about Rs 2,50,000 million and generate 120,000 new employment opportunities. The project has received in-principle approval from the Board of Approval, Ministry of Commerce, Government of India. The project would be implemented through a Special Purpose Vehicle (SPV) to be jointly promoted by the Company / Kalyani Group and the Maharashtra Industrial Development Corporation (MIDC) in which the two promoters would hold upto 74% and 26% of the equity capital respectively. Land acquisition and other project related activities would commence shortly.

Speaking on the occasion, Mr. Vilasrao Deshmukh, Chief Minister of Maharashtra said, "I am very happy that Bharat Forge and MIDC have tied up to jointly develop a Special Economic Zone in Pune District. I am confident that MIDC´s long experience in setting up industrial estates coupled with BFL´s established track-record as a global manufacturing Company will result in a world-class project that would attract large investments in the State, create huge employment opportunities for our people and bring immense prosperity in the region."

Mr. Ashok Chavan, Minister of Industries said, "The BFL-MIDC tie-up is an excellent example of a public-private partnership that is aimed at creating state-of-the-art infrastructure and facilities for industrial development. Our Government is determined to consolidate Maharashtra´s position as the No. 1 industrialized state in the country."

Mr. B N Kalyani, Chairman & Managing Director of the Company said, "It is a great honour for BFL to partner the Government of Maharashtra to set up this dream project that would benefit the State and our people. We continue to be committed to contribute in the rapid industrialization of Maharashtra and to leverage the State´s inherently strong advantages to create globally competitive businesses. We appreciate the tremendous support that we have received from the Government and look forward to working with the Department of Industries and MIDC for the success of our project."

The MoU was signed by Mr. V Jairath, Secretary (Industries) and Mr. B N Kalyani, Chairman & Managing Director of the Company on behalf of the State Government and the Company respectively in the presence of the Chief Minister, Minister of Industries, other senior Ministers and officials of the State Government.

Source : Equity Bulls

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