Raheja to invest Rs 4,500 cr to develop engg SEZ in Gurgaon

NEW DELHI: Realty firm Raheja Developers Ltd today said it would invest about Rs 4,500 crore to develop an engineering SEZ in Gurgaon over the next three to five years.

"This is the first notified engineering Special Economic Zone (SEZ) in the northern India. The project cost to develop this 255-acre SEZ is about Rs 4,500 crore," Raheja Developers Chairman Navin M Raheja told reporters here.

The investment would be funded through a mix of debt, equity and internal accruals, he said. "We are looking at strategic investors as well, he added."

The project is expected to create job opportunities for around 50,000 people (including both direct and indirect) and has a potential to generate annual exports of Rs 1,000 crore.

Raheja said the first phase of the project that involves the notified 255 acre would be completed over the next 3-5 years. The company plans to increase the size of SEZ project and is in talks with land owners.

He said the expression of interest from the companies has been sought and deadline for submitting the same is September-end.

"We are in talks with at least 10 firms which have shown interest in setting up facilities in our SEZ," Raheja SEZs Ltd Director Ajay Midha said, but refused to name any.

Raheja informed that out of the total 255 acre, about 60 per cent has been purchased while in the remaining 40 per cent the company has entered into partnership with land owners.

"We will share the lease rentals with land owners. They can earn anything between Rs 2-5 lakh per acre per month by this process, which is significantly higher than what they could have earned by growing crops," Raheja said.