Jain heads the Reliance group’s initiative in setting up the Navi Mumbai SEZ and the adjoining Mumbai SEZ projects.
MUMBAI: Reliance Industries will tackle its SEZ projects the same way as it does its other mega projects — which is by completing them on a war footing, says Anand Jain.
Jain heads the Reliance group’s initiative in setting up the Navi Mumbai SEZ and the adjoining Mumbai SEZ projects. Reliance will invest about Rs 35,000 crore for setting up the infrastructure for the special economic zones.
The SEZs will help crystallize industrial investment - both by of FDI and indigenous enterprises — which in turn will generate employment for 20 lakh people, and simultaneously generate huge tax revenues for the government, he says.
“Size of the project does matter,” said Jain. “Success of SEZs depends on economy of scale. And international competitive edge and viability depends on economy of scale. This competitive edge comes from directly linked basic infrastructures, such as own residential townships, expressways, electricity generating source, airport and seaport,” Jain added.
Jain enjoys the confidence of the chairman of Reliance Industries, Mukesh Ambani. He was speaking on the twin projects - Navi Mumbai SEZ and the adjoining Mumbai SEZ - at a brainstorming session organised by IMC’s Economic Research & Training Foundation (ERTF).
Jain wanted the government to leave it alone and not interfere. “Reliance will invest all the money needed and make the project a grand success,” he added.
Giving a breakup of the proposed total investment of Rs 35,000 crore, Anand Jain said Navi Mumbai SEZ would require Rs 4,000 crore, Mumbai SEZ Rs 10,000 crore, Mumbai Trans Harbour Link (MTHL) Rs 6,000, and Rewas Port Rs 5,000 crore, the International Airport Rs 4,000 crore, the dam and resultant water supply system Rs 3,000 crore, and the 2,050 MW captive power project Rs 3,000 crore.
Earlier S S Thakur, chairman of Central Depositories Services India Ltd, presented a detailed assessment of the Centre’s policy on SEZs, pointed out its shortcomings and offered his suggestions.
IMC president Nayan Patel said SEZs in India have become “a highly sensitive and burning issue”.
Patel said China began setting up giant SEZs - all with heavy government investment in world-class infrastructures - way back in 1979 and called them “laboratories”, attracting huge foreign direct investment (FDI).
As opposed to this, India belatedly began setting up Chinese-style SEZs now; “but, these projects — mired in one controversy or the other — are struggling to get off the ground”.
Jain said: “But the first and foremost, the government should give a free hand to Reliance in implementing the project. And we will do it and show.”
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