By IANS,
New Delhi : City-based realtor Raheja Developers Wednesday said it would set up an engineering-focused special economic zone (SEZ) in Gurgaon on an investment of Rs.45 billion.
Spread over an area of 255 acres in Gurgaon, the SEZ has already received approval.
“Engineering sector in India is an integral part of the manufacturing activity and is estimated at Rs.1,200 billion in 2004-05 and has been growing at a 11 percent,” the company said in a statement.
Engineering exports from India crossed Rs.810 billion in 2005-06, accounting for 23 percent of the country’s total exports.
In the National Capital Region that includes Gurgaon, such exports are likely to grow at 11.5 percent to Rs.183 billion in 2015 from Rs.76 billion in 2007.
The Raheja SEZ will be launched over several phases, with the first phase being expected to be completed within three years.
“The engineering SEZ will cater to both international and domestic engineering companies,” said Navin M. Raheja, chairman of Raheja SEZs Ltd.
“We are currently negotiating with both Indian and overseas engineering companies interested in off-shoring global production,” he added.
Raheja said the SEZ would be funded through a mix of equity, debt and internal accruals.
The project is expected to create employment opportunity for around 50,000 people and has the potential to generate exports worth $2.5 billion, he added.
Raheja said land was acquired with consent of farmers, and two jobs would be provided to those families whose land has been acquired.