Videocon plans multi-product SEZ in Punjab

The Videocon group is planning to set up a multi-product special economic zone (SEZ) in Punjab with an initial investment of Rs 100 crore. The proposed SEZ will be spread over 1,000 hectares and house electronic, hardware and agri-based units.

Speaking to Business Standard, Venugopal N Dhoot, chairman, Videocon, said, "The Videocon group, along with partners like Thomson, intends to develop a multi-product SEZ spread over 1,000 hectares in Punjab. The initial investment in the project will be Rs 100 crore, to be raised to Rs 500 crore."

"We have already submitted our proposal to the state government," he said.

"The cost of land in Punjab is still less as compared to Maharashtra. That's why we planned to set up the multi-product SEZ here. The group is yet to identify locations for the proposed SEZ," he said. At present Videocon has no plan to set up manufacturing unit in the proposed SEZ, he said.

"We are going to acquire land ourselves rather than asking the government to acquire on our behalf," Dhoot said.

He further added that the group is considering suitable locations to set up a fabrication laboratory for semiconductors. "We are considering proposals from different state governments. Wherever we find good offer we would open the unit."

The West Bengal and Andhra Pradesh governments have shown interest in the project. The fabrication centre would typically entail an initial investment of Rs 1,000 crore, which may go up if the project is taken up in phases, Dhoot said.

Also, Videocon is now eyeing a listing on the US market. The $ 2 billion Indian group has diversified interests across consumer durables and natural gas sectors.

"We are planning to get listed in the US stock markets for which process has been initiated," Dhoot said.