Uppal gets OK for 2 SEZs | india | Hindustan Times
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Uppal gets OK for 2 SEZs

The Uppal Group has got an ?in principal? nod from the government to develop two Special Economic Zones in Haryana with the project cost of about Rs 5,600 crore.

india Updated: Apr 25, 2006 01:36 IST

The Uppal Group has got an ‘in principal’ nod from the government to develop two Special Economic Zones in Haryana with the project cost of about Rs 5,600 crore. The group will develop a 270 acre SEZ at Bhudka in Gurgoan with an investment of Rs 5,171 crore. The second property will be developed in Sikohpur also in Gurgoan.

Speaking to Hindustan Times, Uppal Group Director and CEO Rumneek Bawa said: “The larger SEZ with a ready built area of 25 million sq ft will be dedicated to IT and ITES sector. The smaller one will have a built up area of two lakh sq mts and will host electronics, hardware and software companies.”

The group is being advised by PricewaterhouseCopper for the Sikohpur property and Ernst & Young for the Bhudka SEZ. The project will be funded both by internal accurals and debt and the final equity structure will be finalised in the next three months. “According to the consultants, the bigger property has an export potential of one billion dollars in the next five years while the smaller one in Sikohpur has a potential of $250 million in exports in the next five years,” he added.

The group, which is also getting into infrastructure through vying for water distribution, roads and highway contracts, has also bought a property for Rs 120 crore in Chandigarh to develop hi end luxury apartments. “We will pump in another Rs 125 crore into the project taking the total cost to about 250 crore.”

The group has also acquired over 5.4 acres of land from the Delhi Metro in Dwarka to develop lifestyle apartments. In addition to the Rs 80 crore spent by the company to buy the land, it will pump in another 120-125 crores into building high-end luxury apartments and condominiums at the new property.