NAGPUR: After MADC issued show cause notices for termination to 23 investors in Mihan-SEZ, nine companies have expressed inability to go ahead with their plans and have demanded their money paid for buying land back. All except L&T Infocity which has 50 acres of land have small-size projects having taken up 1 to 3 acres of land in SEZ.
On the other hand, bigger players like DLF, RMZ and Ambuja Realty are among the 10 companies which have expressed willingness to go ahead with their projects in Mihan. The land allotted to these three companies ranges over 100 acres while others are smaller players.
MADC is now planning to come up with an extension policy for the companies still willing to stay in Mihan. The policy is being famed and they may get 2-3 years of time, said a source in this state government company. No decision has been taken yet for the companies which do not have to continue. The possibility of returning money will have to be looked into, said the source. However, extensions will be the priority.
A reply is awaited from 4 companies, the MADC source said. The notices issued to the companies in December was part of the move to discourage non-starters in this project.
Credits ET Realty