Mangalore SEZ on track, says ONGC

BANGALORE: ONGC has acquired 2,300 acres of land for its Special Economic Zone in Mangalore, chairman and managing director RS Sharma said on Thursday, asserting that the project is definitely on track.

However, the quantum of land acquired so far is not large enough to permit for classification of the Mangalore SEZ as a multi-product zone, he said.

Sharma sought to downplay the opposition from some locals to the acquisition process, saying that such issues are common for a commercial organisation like ONGC. "This is one of the SEZs in the country that's progressing extremely well," he claimed.

"Investment (for the Mangalore SEZ) is very much on track. We have not stopped anywhere total funding plan. Everything is very much on track. It's very much on stream," he said.

Sharma said ONGC is fully conscious of the concerns about land acquisition, adding that the issues would be resolved through discussions leveraging the company's "reputation and standing".