The first lot
of 18 industrial plots on 45 acres in the upcoming Jawaharlal Nehru Port Trust
(JNPT) special economic zone (SEZ) in Navi Mumbai has been bought by
entrepreneurs for Rs 100 crore.
owning small and medium-sized enterprises (SMEs) plan to invest around Rs 500
crore to set up manufacturing units on the land, revealed Navi Mumbai SEZ
The SEZ site
is near the upcoming Navi Mumbai International Airport & JNPT.
Six of the 18
companies are on the verge of signing agreements to commence business
activities. Another 12 firms are to be selected by the JNPT SEZ authorities in
the last round of online bidding, which has seen 20 companies putting their
claims. “This is an enthusiastic trend for the economy,” said Singaram
Sittarasu, CEO of JNPT SEZ, who was earlier instrumental in marketing land in
the Multi-Modal International Hub Airport at Nagpur. The initial lot of 18
companies will create employment for about 1,000 people, he said. JNPT SEZ
authorities are spending Rs 500 crore to lay roads, give power and water
connections, and create amenities.
The SEZ is
located in the port’s freehold land and therefore free from encumbrances. To
attract more investors, the SEZ is offering duty-free import/domestic
procurement of goods for development, operation and maintenance of SEZ units,
and 100% income tax exemption on export income for SEZ units for the first five
years, 50% for the next five years. “We have waived stamp duty and have allowed
zero-rated GST on procurement of goods and services,” said Sittarasu.