Ravi Karandeekar's Maharashtra Infrastructure Development News Links Blog

Synefra Engineering and Construction Limited to enter infrastructure development

2010-03-10T20:29:00.000+05:30

Synefra was earlier known as Suzlon infrastructure limited, with J R Tanti as the managing director. Although Synefra and Suzlon are managed by the same family Tantis, the investment and board of the companies are separate.

Synefra engineering and construction limited, which was till now mainly involved in setting up various projects for Suzlon energy limited, in now aggressively looking beyond for business, mainly related to infrastructure development like ports, roads and industrial infrastructure.

The company has already developed three special economic zones in Karnataka, Tamil Nadu and Gujarat

To read more, please, visit The Times of India

Organic farming policy for Maharashtra soon

2009-12-21T09:45:00.003+05:30

State agriculture minister Balasaheb Thorat said that the state's organic farming policy will be drafted in three months time.

The state currently has about 6.5 lakh hectares of land under organic farming, which the government is planning to increase up to 20 lakh hectares in next five years. Highlighting the objective of the policy, he said, "the agriculture department intends to bring more and more land under organic farming. It is a low-cost option so monetary benefits for farmers are greater."

To read more, please, visit The Times of India

Konkan Bachao Samiti irked with land acquisition for power projects in Konkan

2009-11-03T08:02:00.005+05:30

Sulbha Brahme, senior social activist on Friday criticised the Union and state governments for ignoring the villagers' welfare by pushing the atomic and thermal power projects in Konkan. Addressing a press conferene here, Brahme maintained that the Konkan Bachao Samiti (KBS) is going to continue with its agitation against the state government's land acquisition.

According to the documents shared by the Samiti, the government has planned to set up power plants in Shahapur (dist. Raigad), Dhopave, Bhopan, Jaigad and Ranpar (all in dist. Ratnagiri), Munge and Dhakore (dist. Sindhudurga). "Soon after the code of conduct was revoked, government officials started the work of acquiring more land in these villages," she said.

"The combined power generation capacity of these projects is said to be around 18,100 Mega-Watts. Generating this much energy will need huge amounts of coal, uranium and other hazardous materials that would contaminate the land, air and water in these areas," Brahme said.

As per the figures released by the government in 2008, the state has the capacity to generate 17,500 MW of power, whereas the electricity generated is only 13,575 MW, she said.

The existing thermal power projects at Parali, Paras, Khaparkheda, Bhusaval and Chandrapur are yet to be utilised to their optimum capacity. Electricity leakage should be checked to meet the state's power needs better, Brahme said.

To read more, please, visit The Times of India

MIDC starts process for engineering, textile SEZs near Satara and Solapur

2009-10-30T10:39:00.003+05:30

The state's nodal agency for infrastructure development, Maharashtra Industrial Development Corporation (MIDC) has set on roll the process for development of sector-specific Special Economic Zones (SEZs) at Phaltan in the neighbouring Satara and Chincholi in Solapur for engineering and textile units, respectively.

The move forms part of MIDC's plan to raise 22 of the 125 SEZs, which are in different stages of planning and development in the state. "Five of these 22 SEZs will be developed solely by MIDC," said P V Deshpande, MIDC's associate architect (SEZ), while speaking to TOI on Thursday. The remaining 17 have been planned in partnership with private developers.

Deshpande said, "Our (MIDC) primary mandate is developing and selling industrial plots and hence we have restricted our total involvement in sector-specific SEZs to only five projects."

These are: Phaltan in Satara (engineering), Chincholi in Solapur (textiles), Shendra in Aurangabad (aluminium), Hinjewadi Phase III in Pune (infotech) and Lote Parshuram near Chiplun in Ratnagiri (pharmaceuticals).

Another 17 projects have been planned on a 26:74 partnership ratio involving private developers, he said. "MIDC's stake will be 26 per cent while the rest will be of private developers', who will also be the co-owner, responsible for all the SEZ operations," he added. "A bulk of these projects are situated in the vicinity of bigger cities like Pune, Mumbai and Aurangabad."

For instance, the multi-product SEZs at Chakan in Pune, at Sinnar in Nashik and at Nandgaon in Amravati are coming up in partnership with Bharat Forge, India Bulls and El Deco, respectively, Deshpande said.

To read more, please, visit The Times of India

Anil Ambani to pursue upcoming international airports at Pune and Navi Mumbai

2009-07-21T21:58:00.003+05:30

Anil Ambani group to make major foray into cement, airports:

Reliance Infrastructure has firmed up plans for a major foray into cement production and expansion of airports across the country, apart from bidding actively for major highways projects, company chairman Anil Ambani said Tuesday.

Addressing the company's annual general meeting here, Ambani said a pact was signed last week with the Maharashtra Government for a five-million-tonne cement unit in Yavatmal district at investment of Rs.2,250 crore ($450 million).

Making some big-ticket announcements in his speech, Ambani said the group has emerged as the highest bidder for the privatisation of all five regional airports in Maharashtra at Nanded, Latur, Yavatmal, Baramati and Osmanabad.

"The government has set a target of modernizing 35 non-metro airports in the country. We are watching the developments in this sector closely, and keenly pursue the upcoming projects for international airports at Navi Mumbai, Pune and Goa.
To read more, please, visit - Samay Live

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MIDC on land buying spree amid slowdown

2008-12-31T06:35:00.007+05:30

At a time when demand for industrial land is declining due to the financial slowdown, the Maharashtra Industrial Development Corporation (MIDC) is looking for acquiring huge tracts of land for its various projects.

MIDC has gone low key now that the economy is cooling although it is busy wooing European manufacturers from steel to paper industry to set up their shops here.

Land acquisition, however, is still going on, with the MIDC currently negotiating for 1,400 hectares at Chakan near Pune. This includes land for MIDC-Bharat Forge SEZ. Meanwhile, the payment process is on for the 600 acres of land it acquired at Jalna.

“We are also focusing on agro-processing and we will set up more food parks in the state,” he said. The state has already got approval for a setting up a mega food park at Shirwal by Chordia Food Products under the Central government's scheme, where each state gets one such food park along with a cash grant of Rs 50 crore. Despite the slowdown, the state is seeking approval from the Union commerce ministry for special economic zones (SEZs).

“We have recently received an approval for setting up an agro-processing SEZ at the Latur additional industrial estate. This is a large project and our co-developer for the 149-hectare project is Ramky Infrastructure. We are seeking the commerce ministry's approval for the co-developer,” the official said.

Other SEZs in the state are the 1,010-hectare multi-product SEZ at Amravati, 140-hectare textile SEZ in Nagpur, 104-hectare textile SEZ at Kolhapur with co-developer Soma Enterprises of Hyderabad and a 140 hectare SEZ in Nanded for pharmaceuticals.
To read more, please, visit - Gouri Agtey Athale - The Economic Times

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1,010-hectare multi-product SEZ at Amravati 140-hectare textile SEZ in Nagpur 104-hectare textile SEZ at Kolhapur 140 hectare SEZ in Nanded for pharmaceuticals

Rainfall prediction model for dam catchment areas developed

2008-11-25T04:57:00.005+05:30

Sysclim:

A first-of-its-kind weather prediction model, developed by the Indian Institute of Tropical Meteorology (IITM), Pune, to be used for forecasting rainfall in catchment areas of dams, has so far shown 80 per cent accurate results. Now, the model is all set to be used at all stations in the Koyna dam region, one of the biggest dams in the state, for the next monsoon season. The model will be useful for better management of water discharge and will also help reducing chances of flood-like situations in Western Maharashtra.

The model, called Sysclim, has been developed by two senior scientists of the IITM, S K Jadhav and J R Kulkarni. The model, which is now ready for replication, can provide weather forecast for the next 24 to 48 hours. to read more, please, visit - The Times of India

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1) Ravi Karandeekar's Pune Real Estate Market News Blog
2) Ravi Karandeekar's Pune Real Estate Blog ( for the residential projects near Hinjewadi)
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4) Ravi Karandeekar's Pune Real Estate Advertising and Marketing Blog

4) Please, feel free to call me on my mobile +91 98600 44110! I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market so i do not charge anything for the first 8 minutes!

5) Please, join me on Friendfeed, to share news articles, family photos, interesting links and videos and let us discover and discuss information!

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Rainfall prediction model weather prediction model forecasting rainfall in catchment areas of dams Koyna dam region flood-like situations in Western Maharashtra S K Jadhav and J R Kulkarni, senior scientists of the IITM,

Reliance Energy may join hands with Indiabulls Real Estate to jointly develop a 6,000-acre multi-product special economic zone Raigad district

2008-03-24T21:27:00.005+05:30

This move is part of Anil Dhirubhai Ambani (ADA) Group company Reliance Energy (REL)'s aspirations to enter the real estate and infrastructure development business. The logic is that the 22-km Mumbai Trans Harbour Link (MTHL) project from Sewree to Nhava-Sheva, also bagged by REL, would service this SEZ.

The proposed SEZ will consist of an industrial processing area of 2,100 acres, a commercial area of 900 acres, a residential area of 1,500 acres, and open space of 1,500 acres. It will comprise of a central core with various industry hubs.
-The Economic Times

Cummins inks MoU with Government of Maharashtra for mega project at Phaltan

2008-03-24T21:02:00.006+05:30

The Government of Maharashtra and Cummins in India have signed a Memorandum of Understanding (MOU) for the expansion of the Cummins Group of Companies’ three major projects, being developed by the Group in Phaltan, located in the Satara district of Maharashtra.

Cummins India’s projects have been granted ‘Mega Project’ status by the Government of Maharashtra as the Group will be investing almost Rs. 750 crores in these expansion projects.
MACHINIST -

R.S. India Group to set up first integrated renewable energy farm in India at Patan, in Satara district near Pune

2008-03-17T06:02:00.008+05:30

The first phase of the Rs 700-crore project, for which 1400 acres has been acquired will have an installed capacity to generate 100 MW wind power, 5 MW of solar power and extract bio-diesel from jatropha plantations on 225 hectares.

The second phase of the project involves adding installed capacity of another 200 MW of wind energy and planting jatropha on 225 another 225 hectares.
The Hindu Business Line :

Maharashtra lags behind in sports plan implementation

2008-02-25T19:18:00.004+05:30

Five years after a scheme to build sports complex in each tehsil of Maharashtra was launched, out of the planned 382 sports complexes, only 10 have come up in the state.

Of the 35 district-level sports complexes planned, only two have been completed, one at Dhule and the other at Jalgaon, both in North Maharashtra.

Of the seven divisional level "ultra-modern sports complexes" planned, not one has taken off. These were planned in Thane or Navi Mumbai (for Konkan revenue division), Nashik, Pune, Aurangabad, Nagpur and Amravati and Mumbai.

In fact, in Mumbai, where the state government owns hundreds of acres of land, it has been unable to zero in on a suitable plot for setting up the divisional-level complex.

The scheme, launched in March 2003, envisaged setting up sport facilities at tehsil, district and divisional levels to encourage sports and sportspersons.
-The Economic Times

infrastructure infrastructure development Maharashtra infrastructure development blog sports complex Dhlule sports complex Jalgaon sports complex ultra-modern sports complexes

Mumbai: a future world financial center to rival London and New York

2008-01-30T16:41:00.000+05:30

Transacting 95 per cent of the stocks of an economy projected to become the world's third largest, the city of Mumbai was Thursday showcased before businessmen and investors gathered in Davos as a future world financial centre to rival London and New York.

"With $60 billion earmarked to develop the Mumbai Metropolitan Region, and if all other things fall into place, then a world financial centre has to come to Mumbai," said Maharashtra Chief Minister Vilasrao Deshmukh told investors at a meeting held on the sidelines of the World Economic Forum (WEF).
-The Economic Times

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Maharashtra State Electricity Distribution Company plans to invest Rs 944 crore in infrastructure development in Pune district

2008-01-15T19:51:00.000+05:30

Rs 74 crore will be invested in Shirur and Ambegaon talukas for setting up eight sub stations and augmenting the capacity of six sub stations.

In Shirur taluka, Rs 22.22 crore will be spent on setting up eight new sub stations, separation of 17 feeders and installation of 170 transformers, which will give relief to as many as 108 villages.
-The Times of India

infrastructure development Maharashtra infrastructure development blog Maharashtra State Electricity Distribution Company Ltd(MSEDCL) sub stations transformers

Maharashtra government to plan a new rehabilitation policy for the farmers whose lands are acquired for industrial developments schemes including SEZs

2008-01-07T16:57:00.000+05:30

The earlier package offered one-time payment to the farmers which got poor response from the farmers. Later government officials hinted at the proposed new policy that would offer long-term benefits to the farmers.

The policy is expected to be declared in February after getting cabinet nod, said Ashok Chavan, state minister for industries and mining, on Saturday at the 25th anniversary of Mitcon, a government-owned consultancy firm.

The state has been acquiring land for industries through MIDC but it generally receives strong resistence from the farmers, who are not happy with the package offered to them.
-The Times of India

infrastructure development Maharashtra infrastructure development blog Maharashtra government rehabilitation policy farmer land land acquisition industrial developments schemes special economic zones (SEZs) Ashok Chavan, state minister for industries and mining Mitcon, a government-owned consultancy firm MIDC

119 SEZs and happy Maharashtra

2008-01-04T11:18:00.000+05:30

Goa chief minister Digamber Kamat recently announced the scrapping of 12 proposed SEZs following intense agitation by political parties and NGOs.

But state chief minister Vilasrao Deshmukh said that the state will go ahead with the proposed SEZs.

"The process of approving SEZs is done by the Board of Approval (BoA) after discussions with the state government. It is surprising that the Goa government has taken this decision," he said.

Having secured approval for 119 SEZs, the state will go ahead with all the projects, Deshmukh said.
-The Times of India

Pune Power Model not viable in most cities due to inadequate captive power generation capacity or transmission and distribution losses

2007-12-21T15:33:00.000+05:30

The Pune model of mitigating load shedding by roping in captive private projects (CPPs) to generate electricity has run into a roadblock. The model was to be extended to other cities like Nagpur, Nasik, Navi Mumbai, Aurangabad and Kolhapur in Maharashtra but industries in these cities have not been able to replicate the project.

Confederation of Indian Industry (CII) now expects the model to be operational only in Nasik and Kolhapur by the end of this year, whereas others like Aurangabad, which see 50 per cent transmission and distribution (T&D) losses, may have to forego the option altogether.

State energy minister Dilip Walse-Patil, what is your take on this?
IndianExpress.com :: Pune’s indigenous formula to cut power deficit hits a roadblock

Related Story: Electricity generation at Dabhol power plant dips by over 14 per cent following cut in gas supply

infrastructure development Maharashtra infrastructure development blog ravi karandeekar captive power generation capacity captive private projects (CPPs) load shedding power cut power cut in Nagpur power cut in Nashik power cut in Navi Mumbai power cut in Aurangabad power cut in Kolhapur Confederation of Indian Industry (CII) transmission and distribution (T&D) losses Dilip Walse-Patil,energy minister Maharashtra Dabhole power plant

Electricity generation at Dabhol power plant dips by over 14 per cent following cut in gas supply

2007-12-21T14:32:00.000+05:30

"The sudden reduction in regassified-LNG(RLNG) supply is adversely affecting generation. From December 14, the power generation has reduced to about 1,080 MW from 1,260 MW and if full supply of gas is not resumed, the generation is going to reduce further," a government official said.

The cut in power generation at Dabhol has come as a rude shock to Maharashtra that is currently facing an acute power situation with peak shortage of more than 4,500 MW. The load shedding in urban areas of the state ranges between 3-7 hours and in rural areas between 11-13 hours.
Power generation at Dabhol dips following cut in gas supplies- Power-Energy-News By Industry-News-The Economic Times

Related Stories: 1. Pune power model to be replicated in other cities facing the load-shedding problem
2. Confederation of Indian Industry's Pune Power Model to avoid power cut

infrastructure development Maharashtra infrastructure development blog ravi karandeekar Dabhol power plant Electricity generation (gas)regassified-LNG(RLNG) load shedding power cut Pune power model Confederation of Indian Industry, Pune Chapter

Confederation of Indian Industry's Pune Power Model to avoid power cut

2007-12-21T10:42:00.000+05:30

CII's Pune model came into force in June 2006, wherein about 30 industries used their captive power units during peak hours instead of drawing power from the state grid. The power thus saved (90 MW) was used to cater to the city's needs. To make up the cost of running the CPPs, consumers with monthly consumption of more than 300 units were asked to pay a reliability charge of 42 paise per unit.

Pradeep Bhargava, former chairman of the Pune chapter of Confederation of Indian Industry, designed the Pune model.

The CII is also exploring the possibility of replicating the Pune model in other cities like Kolhapur, Nagpur, Nashik and Aurangabad. Industries from these cities are to take a review of their captive power potential which may be in the range of 45 to 50 MW per city.
CII bid to avoid power cut-Pune-Cities-The Times of India

Related Story: Pune power model to be replicated in other cities facing the load-shedding problem

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Pune power model to be replicated in other cities facing the load-shedding problem

2007-12-21T06:10:00.000+05:30

Speaking at the 4th state-level award function by the Maharashtra Energy Development Agency (MEDA), State energy minister Dilip Walse-Patil said, "There is demand for implementation of Pune's public-private partnership model of using captive power plants to mitigate load-shedding. The government is contemplating on implementing this model in some cities of the state".

The minister added that 250 MW power generation stations at Pawali and Paras will help mitigate the crisis. "The land acquisition process for setting up power generation plants at Kaparkhed and Bhusawal, has been completed. Also, more power would be coming from the Dabhol plant by next month."

Non-conventional energy minister Vinay Kore said, "The state government is planning to offer subsidies to industries which initiate power-saving measures".
Pune model to be replicated: minister-Pune-Cities-The Times of India

infrastructure development Maharashtra infrastructure development blog ravi karandeekar Maharashtra Energy Development Agency (MEDA) Dilip Walse-Patil, energy minister load-shedding Pawali and Paras power generation stations land acquisition Kaparkhed and Bhusawal power generation plants Dabhol power generation plant Vinay Kore, Non-conventional energy minister Non-conventional energy subsidy power-saving measures

Anil Ambani's Reliance Energy plans to bid for Rs 4,500-crore sea link between Sewri and Nhava Sheva—Mumbai Trans-Harbour Link

2007-12-20T18:47:00.000+05:30

The Sea King Infrastructure (SKIL)-led consortium , owned by Mukesh Ambani and associates which submitted bid last year, is the only contender for the country’s longest sea link expressway.

The sea link is important for Mukesh Ambani as he is out to build two sprawling special economic zones (SEZs) across 14,000 hectares in Navi Mumbai and Maha Mumbai. MTHL will be the major connectivity for SEZs to the mainland.

The nodal agency for the bid, Maharashtra State Road Development Corporation (MSRDC), is expected to award the project by February 2008 to the lowest bidder.

The consortium, which quotes the lowest concession period—the number of years the developer can collect the toll—should also explain how it proposes to recover cost of construction with interest . After the concession period, the asset will be handed over to the government.

The implementation of the 22.5-km six-lane project is based on design, build, own, operate and transfer (DBOOT) basis. The toll rate, which is defined in the proposal, will be revised every three years according to the wholesale price index (WPI).
REL may bid for Rs 4,500-cr sea link today- Property / C'struction-Services-News By Industry-News-The Economic Times

infrastructure development Maharashtra infrastructure development blog Anil Ambani Reliance Energy sea link Sewri and Nhava Sheva—Mumbai Trans-Harbour Link (MTHL) Sea King Infrastructure (SKIL) Mukesh Ambani Navi Mumbai SEZ Maha Mumbai SEZ Maharashtra State Road Development Corporation (MSRDC), design, build, own, operate and transfer (DBOOT) toll rate wholesale price index (WPI)

Former President of India, A P J Abdul Kalam tells farmers not to sell fertile land for SEZs

2007-12-18T17:36:00.000+05:30

While acknowledging the importance of SEZ for growth, former President A P J Abdul Kalam said instead of acquiring fertile lands at government rates, official agencies and industry can make farmers their partners in SEZ projects and give them equity share holding according to their land ownership at existing market value.

Farmers who were partners in the SEZ and their children can be trained for value addition tasks connected with the projects, the noted scientist said.

Citing an example from Pune where 120 farmers became part of a mega infrastructure project, Magarpatta City, creating and sharing the Rs 4,000 crore construction scheme, Mr. Kalam hailed the courage and business acumen of both the land owners and their associates that contributed to mutual prosperity.

"Let us take this example forward to the whole nation whenever SEZs are thought of. Our inability to wean farmers away from suicidal path is a serious human rights challenge," said Mr. Kalam while addressing a national conference of 'World Foundation on Reverence for All Life'

Related Story: "Magarpatta City in Pune could be the model for a land acquisition and rehabilitation policy of The Confederation of Indian Industry ", Sunil Mittal

infrastructure development Maharashtra infrastructure development blog ravi karandeekar A P J Abdul Kalam, Former President of India farmers land SEZ equity share holding market value Pune real estate Magarpatta City World Foundation on Reverence for All Life land acquisition and rehabilitation The Confederation of Indian Industry Sunil Mittal

About GFH - Mumbai Economic Development Zone Components [FM8579-29]

2007-12-18T16:03:00.000+05:30

Energy City India:

Planned over an area in excess of 600 acres, near Mumbai and with an estimated total development value in excess of $2.8bn, Energy City India is the second Energy City in a series of energy focused business clusters planned across the Middle East and Asia, the first being Energy City Qatar and the latest being Energy City China.

The Energy City cluster concept provides a complete business infrastructure to both local and foreign oil and gas producers, as well as downstream refiners and producers and businesses involved in shipping, energy trading and support services.

Software City Mumbai: & Telecom City Mumbai:

Spread over 300-400 acres the project is based on the concept of creating a fully integrated world class business location that is dedicated to and specializes in the provision of complete infrastructure to the IT/ITES and telecommunication sectors. The project is further aimed at enhancing Mumbai's attractiveness by creating business and linked social, leisure and entertainment infrastructure superior to that found in the current technology hotspots in the country.

The Project is organized into two overlapping phases. In the first phase, the site will be prepared for full development. This will involve installation of the site's infrastructure. In the second phase, anchor tenants and end-users, foreign and local developers, and investors will participate in the development, sale or rental of the buildings themselves.

Entertainment City Mumbai:

To be developed over 300-400 acres, this colourful assembly, ideal for investors and sub-developers, will be located at the heart of the GFH's master planned Economic Development Project near Mumbai.

The Entertainment City is designed to be a mix of hospitality, leisure and recreational facilities, with complementary commercial and residential components. The destination will offer spectacular theme parks, themed hotels, speciality shopping, fine dining restaurants, cinemas, a theatre and alternative entertainment components. Accommodation has been carefully considered to include villas and apartments; serviced retreats; dynamic office space and several 4 and 5 star hotel properties.

Related Story: Gulf Finance House and Government of Maharashtra sign an agreement to create Economic Development Zone - just outside Mumbai

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Gulf Finance House and Government of Maharashtra sign an agreement to create Economic Development Zone - just outside Mumbai

2007-12-17T20:12:00.000+05:30

In a significant move signaling its continued commitment to the rapidly growing Indian economy, Gulf Finance House today signed a wide ranging agreement with the Government of Maharashtra to facilitate the creation of one of the largest development projects in the state - a state-of-the-art Economic Development Zone - just outside Mumbai, the country's financial and commercial capital.

Left to right: Mr. V.K Jairath, Principal Secretary - Industries, Government of Maharashtra, Honourable Minister for Industries, Government of Maharashtra (India) Shri Ashok Chavan, Honourable Chief Minister of Maharashtra (India) Shri Vilasrao Deshmukh, Mr. Esam Janahi, Chairman of Gulf Finance House and Mr. Peter Panayiotou, Acting Chief Executive Officer of Gulf Finance House

The 1600-acre zone, which will attract a total investment in excess of $10bn, comes exactly a year after GFH had signed a similar agreement with the state for the development of India's first energy business district - Energy City India. The bank had floated an immensely successful private placement initiative earlier this year that raised $630m towards the first phase of its development. The economic development zone announced today will include Energy City India, apart from incorporating three additional components - Telecom City Mumbai, Software City Mumbai and Entertainment City Mumbai.

The agreement between the Government of Maharashtra and GFH was signed at a high-profile ceremony in Mumbai today by Mr. V.K Jairath, Principal Secretary - Industries, Government of Maharashtra, and Mr. Peter Panayiotou, Acting Chief Executive Officer, Gulf Finance House, in the presence of Shri Vilasrao Deshmukh, the Honourable Chief Minister of Maharashtra, Shri Ashok Chavan, Minister for Industries, Govt. of Maharashtra, Mr. Esam Yousif Janahi, Chairman, Gulf Finance House, and other senior dignitaries.

Addressing the media at a press conference organized to mark this historic occasion, His Excellency Shri. Vilasrao Deshmukh, the Honourable Chief Minister of Maharashtra, said:"We welcome the initiative by Gulf Finance House to enlarge the scope of project by developing it as an 'Integrated Economic Development Zone'. The project will help in the establishment of a knowledge and creative zone near Mumbai and will result in a creation of large scale high end jobs."

Established on 16 October 1999 in the Kingdom of Bahrain, Gulf Finance House (GFH), is one of the most respected investment banks in the Middle East region in terms of the quality and innovation of product offering. During its eight years of operations, GFH has successfully launched or participated in several infrastructure development projects with an aggregate estimated development value exceeding $12bn and placed with its clients an aggregate value of equity investment of approximately $3bn. This includes projects and investments in markets as far apart and diverse as Bahrain, Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Jordan, India, Germany, Spain, Egypt, Morocco, China, USA, UK and France.

Thanking the Chief Minister of Maharashtra and his team for their continued support to GFH and its initiatives in the State, Mr. Esam Janahi, Chairman, GFH said: 'GFH is a strong believer in the India success story and we are confident that the country is well on its way to becoming one of the most influential and powerful economies in Asia. Apart from the near 10%predicted sustained growth, we view India as a highly robust economy with extremely sound fundamentals, and a highly evolved regulatory environment.

'The opportunities that India offers within the infrastructure and its allied sectors, such as energy, software and telecommunications are tremendous. The vision behind our Economic Development Zone project is to significantly contribute to the country's growing economy and capitalise on Mumbai's international reputation by developing a critical mass of world class business and related social infrastructure, in the heart of the state's business corridor. Furthermore, these organised business clusters will generate significant employment opportunities to the local population for several years to come,' he added.

Elaborating on the choice of Maharashtra for the location of the project, Mr. Janahi said: 'Its pro-investor and pro-industry policies coupled with its strategic position within key business and industry sectors in the country, has made the state of Maharashtra the largest recipient of Foreign Direct Investment (FDI) into the country. With the continued support of the Honourable Chief Minister and his team, we are confident that our ambitious economic development zone project will be one of the most successful such initiatives in Asia,' concluded Mr. Janahi.

Spread over an area of 1600 acres, the Economic Development Zone will be located alongside the Mumbai-Pune expressway, and upon completion will be the largest and busiest such facility in Asia. The GFH - Mumbai Economic Development Zone will be among the most vibrant, technologically advanced, fully-integrated development projects in the country.

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