JNPT SEZ to bid out 300 acres to manufacturing companies.

The Special Economic Zone (SEZ) inside the JNPT port is planning to bid out a fresh land parcels measuring 300 acres exclusively for manufacturing companies. The bid process is likely to be completed by March, a senior JNPT official said.

World’s largest contract electronics manufacturer, Foxconn Technology Group of Taiwan, has shown interest in bidding for the land.

India’s largest container port, JNPT is the owner of the SEZ. The entire SEZ, spread over 685 acres, is strategically located near Mumbai and offers a variety of connectivity options such as port, railways, upcoming 12-lane highway and an airport. In the first round of bidding 75 acres have already been given out to 16 companies. In this round, Rs. 12.86 crore per acre was the highest amount paid by DP World for 44 acres.

CEO of JNPT SEZ, S Sittarasu, told BusinessLine that the bidding will be a three-tier process, which includes commercial, technical viability and auctioning. The last date for submitting the commercial bids is February 27 and the whole process is expected to be completed by March.

The attempt is to wrap up all the formalities before the code of conduct for Parliamentary elections comes into force, he said.

Sittarasu said that the land is reserved for manufacturing companies so as to prevent real estate speculators from entering into the bidding arena.

Manufacturing companies will create jobs and employment and participate in the Sagarmala programme. However, once a manufacturing company wins the bid, it is left to the management to use land according to its business plan, he said.

HBL