December 18, 2006

Rockman Projects plans Rs 6k-cr SEZs

Delhi-Based real estate group Rockman Projects is planning to set up three SEZs in the northern region with a proposed investment of Rs 6,000 crore. The company has tied up with Ernst & Young, CB Richard Ellis and Jurong International of Singapore for technical collaboration. The company is slated to float an IPO by March next year to raise funds for investment. With all clearances got, the company plans to set up a multi-product SEZ at Jaipur, a multi-service SEZ at Gurgaon and a textile cluster in Ludhiana. Jurong International will look into the set up design and master plan of the three SEZs. While nothing is finalised the company is in talks with Jurong International for picking up a stake in one of the three ventures. Ernst & Young will provide advisory services to the firm on the professional management of the SEZs and will also help the projects seek participation from other players. On the other hand CB Richard Ellis will look into the financials of the project including the feasibility study and raising funds through both foreign and Indian investors. So far the company has invested Rs 600 crore in the acquisition of land in the three states. While the land has been fully acquired in Gurgaon, the transfer formalities for Jaipur and Ludhiana are yet to be done. The SEZ in Jaipur will be spread over 1,012 hectares and will be a located on NH8. The Gurgaon SEZ will be spread over 1,615 hectares and will also be located on NH8, while the Ludhiana SEZ is comparatively smaller with a spread of 850 hectares. Most of the land purchased has been from individuals and is wasteland. The company has got all the requisite 36 approvals for the three SEZs and is likely to start development work by March next year.