Country's first IT hardware SEZ on anvil in West Bengal
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.
Enter your email to get our daily newsletter in your inbox
- At a time when petrol and diesel prices are at an all-time high, and taxes have a bigger component in the retail price than the base price of the fuels, it is worth revisiting the debate
- The ECIR is reportedly based on an FIR filed by the Chennai police under Section 420 of the IPC on the basis of a complaint by the Chennai Financial Markets and Accountability (CFMA), an organisation that fights for investors’ rights.
- Shipments in the December quarter grew at a higher rate of 198% annually with 15.2 million units.
- The companies are also opting for large boxes for storage, with around 400,000-plus sq. ft being the average demand.
- The latest acquisition is Delaporte’s boldest move to spur growth after the company ceded its position as India’s third-largest software services provider to HCL Technologies Ltd.
- The Bengaluru-based online retailer has been weighing a US initial public offering and it’s now also looking at other options, the people said.
- While the base price of petrol is ₹33.26 per litre, it attracts ₹32.90 a litre central excise and ₹21.04 per litre local levies in Delhi.
- As per SBI’s official website, the properties that are included in the auctions are those of defaulters who failed to pay their dues.
- Here’s how you can calculate the EPF interest