Country's first IT hardware SEZ on anvil in West Bengal | business | Hindustan Times
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Country's first IT hardware SEZ on anvil in West Bengal

West Bengal will have the country's first IT hardware special economic zone for which 40 acres of land have already been acquired.

business Updated: Aug 26, 2007 13:58 IST

If things go smoothly, West Bengal will have the country's first IT hardware special economic zone for which 40 acres of land have already been acquired.

City-based RP Group, a Rs 400 crore company with diversified interests including Chirag brand of computers, has submitted a proposal for the IT SEZ with the state government and waiting for approval from the Centre.

"We hope to get all necessary clearances by the end of this fiscal," RP Group chairman Kaustav Ray told PTI.

Ray said his company had already acquired 40 acres of land in Baruipur in South 24-Parganas district for setting up the SEZ at a cost of Rs 1,000 crore.

Former ONGC chairman and managing director Subir Raha, who joined the RP Group board recently, is assisting the group in implementing the project.

"If we face problem, we will shift our project to other tax haven states," Ray said.

Asked how the investment would be financed, Ray said it would be partly financed through a combination of internal accruals, fresh capital from venture funds and debt.

"We are in the process of raising venture capital for the project. We are looking forward to raising Rs 500 crore through this route. In the first tranche we hope to get Rs 100-150 crore shortly," Ray said.