The first lot of 18 industrial plots on 45 acres in the upcoming Jawaharlal Nehru Port Trust (JNPT) seaport special economic zone (SEZ) in Navi Mumbai has been bought by entrepreneurs for Rs 100 crore, as per news reports.
Businessmen owning small and medium-sized enterprises (SMEs) plan to invest around Rs 500 crore to set up manufacturing units on the land, revealed Navi Mumbai SEZ authorities. The SEZ site is near the upcoming Navi Mumbai international airport.
Six of the 18 companies are on the verge of signing agreements to commence business activities. Another 12 firms are to be selected by the JNPT SEZ authorities in the last round of online bidding, which has seen 20 companies putting their claims. “This is an enthusiastic trend for the economy,” said Singaram Sittarasu, CEO of JNPT SEZ, who was earlier instrumental in marketing land in the multi-modal international hub airport at Nagpur. The initial lot of 18 companies will create employment for about 1,000 people, he said. JNPT SEZ authorities are spending Rs 500 crore to lay roads, give power and water connections, and create amenities.
The SEZ is located in the port’s freehold land and therefore free from encumbrances. To attract more investors, the SEZ is offering duty-free import/domestic procurement of goods for development, operation and maintenance of SEZ units, and 100% income tax exemption on export income for SEZ units for the first five years, 50% for the next five years. “We have waived stamp duty and have allowed zero-rated GST on procurement of goods and services,” said Sittarasu.