Reliance buys 90% stake in Positra port & SEZ
Reliance Industries has picked up a whopping 90% stake in the Rs 60 billion Positra SEZ project, reports Economic Times.
Incidently, the Gujarat Maritime Board (GMB) has put the Positra port and SEZ project, the first SEZ project to be conceived in India, on the fast track.
The Gujarat Positra Port (GPPCL), the company which was incorporated in 1998 to develop the project near Dwarka, has already shown its preparedness to deposit Rs 150 million for land acquisition by GMB which may be subsequently leased to Positra Port Project. Promoters of the company are in negotiations with financial companies such as Infrastructure Leasing & Financial Services (IL&FS), International Finance Corporation (IFC), a World Bank arm, USA`s Indus Capital, New York Life Insurance and Jacob Ballas USA, who have shown interest in investing in the project.
Originally, Positra port was to be developed under the joint sector as per state government`s 1995 port policy. The SEZ project was originally being promoted by Nikhil Gandhi`s SKIL.
Shares of Reliance Industries were last trading up Rs 0.50 or 0.04%, at Rs 1277.60. Total volume of shares traded so far was 233,138.
Incidently, the Gujarat Maritime Board (GMB) has put the Positra port and SEZ project, the first SEZ project to be conceived in India, on the fast track.
The Gujarat Positra Port (GPPCL), the company which was incorporated in 1998 to develop the project near Dwarka, has already shown its preparedness to deposit Rs 150 million for land acquisition by GMB which may be subsequently leased to Positra Port Project. Promoters of the company are in negotiations with financial companies such as Infrastructure Leasing & Financial Services (IL&FS), International Finance Corporation (IFC), a World Bank arm, USA`s Indus Capital, New York Life Insurance and Jacob Ballas USA, who have shown interest in investing in the project.
Originally, Positra port was to be developed under the joint sector as per state government`s 1995 port policy. The SEZ project was originally being promoted by Nikhil Gandhi`s SKIL.
Shares of Reliance Industries were last trading up Rs 0.50 or 0.04%, at Rs 1277.60. Total volume of shares traded so far was 233,138.
posted by SY at 1:55 PM
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