Oil and Natural Gas Corporation (ONGC) has floated a new company for investment of Rs 35,000 crore in petrochemical, LNG and power projects at Mangalore SEZ Ltd, a Special Purpose Vehicle (SPV), incorporated on February 24 at Bangalore to develop the Mangalore Special Economic Zone.
The main projects to be developed in this SEZ are: a petrochemical complex, a LNG (Liquefied Natural Gas) Regasification Plant, C2-C3 extraction from this regasified LNG, a power plant to cater to the power requirement of all units in the SEZ and general industry, trade, banking, telecommunications and allied services for supporting the activities of the units in the SEZ.
ONGC, with 26% equity, is the anchor co-promoter of the SEZ. The Karnataka Government through its department, Karnataka Industrial Area Development Board (KIADB), would take 23% stake while the remaining 51% would be held by Kannara Chamber of Commerce and Industry (KCCI) and Infrastructure Leasing and Financial Services Ltd (IL&FS).
28-Feb-06 
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