Mangalore SEZ is on track: ONGC chairman

Despite opposition from the local residents in and around Mangalore for acquisition of land, the proposed Mangalore Special Economic Zone (MSEZ) would be completed as scheduled, a top ONGC official said.
 
““We are aware of all issues like land acquisition for the project. In any big project problems like these are bound to happen. We are appropriately taking care of it. We have acquired 2,300 acres already and the balance land will be acquired very soon,” R S Sharma, chairman and managing director, Oil and Natural Gas Corporation (ONGC) said.
 
Talking to reporters on the sidelines of Quality Summit organized by the Confederation of Indian Industry (CII), here today, he said the company would overcome problems of land acquisition and complete the project.
 
The MSEZ project, initiated in 2006 by ONGC, the principal promoter, is expected to see an investment of close to Rs 35,000 crore once it is completed.
 
Currently, massive construction activity is going on in Mangalore and by March 2012, the company has set a clear roadmap to commission the project including the Mangalore refinery and petrochemicals complex, he said.
 
Commenting on the opposition by Pejavar Mutt head, Vishveshatheertha Swamiji for land acquisition for the expansion of MSEZ, Sharma said, “MSEZ is moving on the right direction. There are no major concerns. Because of the reputation of the ONGC we do get audience at the highest level. I will be meeting the top bureaucrats of the state government today and raise the issues with them and sort out.”
 
However, he said there is no deadline for this project. The investments are flowing on the right direction. IL&FS, the equity partner in the project is taking care of the funding requirements, he added.
 
“All the lump sum turnkey contracts (LSTK) have been awarded. We are also putting up single point mooring (SPM) so that the refinery is able to improve the margins. I can only say that the progress is extremely satisfactory,” he said.