Special Economic Zone land: Industrial corporation needs additional funds

PANAJI: The Goa Industrial Development Corporation (GIDC) will need to borrow an additional Rs 40-50 crore from a bank to take back around 15 lakh sqm of land that remain in the possession of two Special Economic Zone (SEZ) promoters, GIDC chairman Glenn Ticlo told reporters at the secretariat, on Thursday.
Ticlo also said that the corporation had completed all formalities and had taken possession of 38.4 lakh sqm of prime industrial land from five other SEZ promoters.
TOI had reported on June 14 that GIDC had paid nearly Rs 256.6 crore to the five promoters as part of an out-of-court settlement to retrieve industrial land that was controversially allotted in 2006-07.
“Five parties have already surrendered the land, money has been paid to them and the land is now in our possession. Two more parties have not given the letter of consent to return the land. I have told industries minister Vishwajit Rane about this and we will try to get that land back too,” Ticlo said.
The cash-strapped GIDC had taken a loan of Rs 200 crore from the Oriental Bank of Commerce to return money to the five SEZ promoters: K Raheja and Corporation, Peninsula Pharma Research Centre, Planetview Mercantile Co, Inox Mercantile Company, and Paradigm Logistics and Distribution.
However, Maxgrow Finlease retains control over 2 lakh sqm of land at Verna and Meditab Specialities Pvt Ltd remains in possession of 12.3 lakh sqm of land at Keri.
“We have already informed the bank that we will need more money to get back the SEZ land,” Ticlo said.
GIDC is counting on auctioning or allotting the returned land quickly in order to obtain funds to repay the Rs 200 crore loan.