Indian consumer durables major Videocon group is planning a major foray into the Special Economic Zones space, for which it has earmarked an initial investment of Rs. 2,000 crore.
The group, whose plans include setting up SEZs at Pune and Aurangabad, is set to sign an agreement with the Maharashtra government on Monday for the same.
Besides, it has applied for setting up five other zones in West Bengal, secured land in Gujarat and plans to enter the segment in South India.
"The initial investment by Videocon group through group company Videocon Realty Infrastructure Ltd (VRIL) will be to the tune of Rs. 2,000 crore," its Chairman and Managing Director Venugopal Dhoot told PTI.
The group is also looking for a foreign equity partner in VRIL, he said, while ruling out listing of the company.
The two SEZs in Maharashtra are expected to attract an investment of Rs. 25,000 crore in the days ahead and create 50,000 jobs in Pune and 75,000 in Aurangabad. They both would have captive power plants.
While the 3,000-acre Pune SEZ would be a multi-product zone, the 6,600-acre Aurangabad facility would be partially developed for floriculture and horticulture including large-scale orchid farms for export to Europe and the US.
Videocon Industries Ltd, the group's flagship entity, will initially invest Rs. 50 crore in the SEZs and have the right to purchase entire equity at par in a span of five years.