ONGC ready to double investment in SEZ

ONGC was ready to almost double its investment, adding more components, in the company's proposed special economic zone(SEZ) project in Mangalore, said Subir Raha, Chairman, ONGC.

The company was ready to invest Rs 45,000 crore, almost two times the orginially planned Rs 25,000 crore, Raha told at the press conference.

The ONGC project includes petrochemicals complex and an expansion of 15 mmtpa of Mangalore Refinery and Petrochemical(MRPL) and an LNG terminal. More components like aromatic segment costing Rs 13,000 crore could be added.

As soon as the SEZ commences its operation, the company would be
inviting other investors to participate in the project, he added.

The Prime Minister's Office(PMO) has also cleared the participation of the NMPT (New Manglore Port Trust) in the SEZ, he said adding "they (NMPT) have also agreed to invest and provide lands".

Chief minister and chief secretary of Karnataka after holding a meeting with Prime Minister and ONGC officials in New Delhi on March 9, have supported the cause for the project, he said.