Welspun One Logistics Parks Pvt Ltd, the warehousing platform run by the Welspun Group and Mumbai-listed speciality additives maker Fine Organic Industries Ltd are among the 14 entities that have leased land at the Jawaharlal Nehru Port Authority Special Economic Zone (JNPA SEZ) in an auction.
The auction for 116 acres of JNPA SEZ land on 60-year lease fetched the port authority an upfront amount of Rs426 crores with the bidders quoting some 15 percent more than the reserve price set by the port authority. Some plots received bids that were 40 percent more than the reserve price.
Welspun One Logistics has taken 54 acres of land to develop warehousing facilities while Fine Organics has picked up 30 acres at the JNPA SEZ, the first port-based multi-product SEZ in a major port (owned by the Union government).
“Welspun One Logistics and Fine Organic alone will bring investments of more than Rs1,500 crores in setting up facilities at the SEZ,” Sanjay Sethi, Chairman, Jawaharlal Nehru Port Authority said. The investment per acre in the plots is expected to be about Rs 3 crores, per tender conditions. “But, in some cases it goes up to 5-6 times of that,” Sethi said.
Out of the 163 hectares of leasable land in the SEZ, 62 hectares have already been allotted to 31 units with 9 units and one free trade warehousing zone (FTWZ) starting operations catering to warehousing, food processing, manufacturing and trading.
By April 2024, Mahanagar Gas Ltd will commission a gas pipeline inside the SEZ.
“JNPA SEZ is not just a business hub; it’s a catalyst for economic progress. By providing state-of-the-art infrastructure and fostering a conducive business environment, we aim to unlock the full potential of this SEZ for the benefit of our investors and the region at large,” Sethi added.
