scorecardresearch
Follow Us:
Wednesday, June 29, 2022

Bharat Forge economic zone gets moving

Giving the long-awaited push to special economic zones in the district,the one being set up by Bharat Forge Ltd (BFL) and Maharashtra Industrial Development Corporation (MIDC) inked a shareholder agreement in Mumbai on Wednesday.

Written by Nisha Nambiar | Pune |
July 30, 2009 3:42:17 am

Giving the long-awaited push to special economic zones in the district,the one being set up by Bharat Forge Ltd (BFL) and Maharashtra Industrial Development Corporation (MIDC) inked a shareholder agreement in Mumbai on Wednesday. The project is to be implemented through a special purpose vehicle,to be jointly promoted by BFL holding 74 per cent stake and MIDC 26 per cent.

Executive director of BFL Amit Kalyani and chief executive of MIDC Dr K Shivaji signed the agreement to form the Khed Economic Infrastructure Private Ltd (KEIPL) in the presence of state Industries minister Narayan Rane. The country’s largest exporter of auto components and the second largest forgings company in the world,the Rs 1,200-crore Bharat Forge had applied for the SEZ to give a boost to the auto components segment. The company has always maintained that the SEZ will help growth in this sector.

According to the senior management of MIDC,the KEIPL will now be looking after the infrastructure development for the SEZ,including construction activities. The MIDC had already handed over nearly 1,800 hectares (4,500 acres) acquired in the first phase for the development of the SEZ and this will now come under the control of the newly-formed company. The MIDC has already started issuing notices for the acquisition of 2,000 hectares for the second phase of the project. An MIDC officer confirmed that talks were on and notices have been issued to the villagers of Pur,Gosavi,Chaudharwadi,Retawadi,Pabal,Wapgaon and Warude. The project,to be set up on nearly 5,000 hectares over a period of time,is expected to attract investments of nearly Rs 25,000 crore and give employment to the tune of 1,20,000 professionals.

The earlier rehabilitation and settlement package offered to the four villages in Khed and Shirur talukas of the district is being showcased as an ideal rehab model for land acquisition in the state. The acquistion for the first phase,including the villages of Kendur,Kanersar,Nimgaon and Dhavadi in the district,was done after lot of deliberations and working out a proper rehabilitation package.

Best of Express Premium
Abroad, Jacinda Ardern is a star. At home, she is losing her shinePremium
Udaipur tailor killed: Victim sought police cover, pointed to threats aft...Premium
Explained: Speaker’s powers in a rebellionPremium
G7 is trying hard not to be yesterday’s clubPremium

The state high-power committee had sanctioned Rs 212 crore as the rehabilitation package for those affected by the SEZ. The package included Rs 17 lakh per hectare as compensation,guaranteed employment to one person from every project-affected family as also a buyback option for farmers — up to 15 per cent of their own developed land. The plan was that such land could be leased out to the company to ensure a permanent source of income to the farmers.

Express Subscription Do not hit the wall, subscribe for the best coverage out of India starting at just $5 per month

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest Pune News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement