Unitech gets land from West Bengal Govt. for chemical SEZ
India's second biggest real estate developer, in terms of market capitalization, Unitech Ltd. announced that the government of West Bengal has handed over possession of about 12,500 acres of land at Nayachar Island (near Haldia) for the development of a chemical hub.
Microsoft to allow people to build, rate and share games on Xbox LIVEThe chemical SEZ (Special Economic Zone), named Prafulla Chandra Roy Chemical Complex (PCRCC), will be developed by PCR Chemicals Ltd., a joint venture (JV) company set up by New Kolkata International Development Pvt Ltd (NKID) and West Bengal Industrial Development Corporation (WBIDC). NKID and WBIDC have shareholding in the JV company in 51:49 ratio.
NKID is a consortium between Unitech, Indonesia's Salim Group, and Universal Success. While Unitech and Salim Group have shareholding of 40 percent each, the remaining 20 percent stake is controlled by Universal Success.
NKID had signed an agreement with the government as early as July 31, 2006 for the development of a chemical hub in the state. Initially, NKID zeroed in on Nandigram. However, violent resistance from local villagers and political opposition forced the state government to shift the location of the chemical SEZ.
"We are giving possession of the land and they (NKID) will first conduct a feasibility study," West Bengal Chief Minister Buddhadeb Bhattacharya said after formally handing over the papers to Prasun Mukherjee of Universal Success.
A six-member expert committee, appointed by the state government to advise it on setting up of a chemical hub at Nayachar, will visit the island on Feb. 25.
The Geological Survey of India, too, will conduct soil tests on the island.
According to media reports, earlier, an environmental group raised objections saying that under the Environment Protection Act, 1986, the entire Nayachar Island falls under the Coastal Regulatory Zone (CRZ)-I and III area.
The formal handing over of possession of land gives NKID the legal sanction to start work on the project although the Center is yet to approve it.
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