Mahindra Satyam set to revive Nagpur SEZ

Mahindra Satyam set to revive Nagpur SEZ
Mahindra Satyam, formerly Satyam computer services, is set to revive its plans for setting up a facility in Mihan (Multi-modal International Cargo Hub and Airport at Nagpur) SEZ at Nagpur.

The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of MSat.

The letter of approval for the project with an initial validity of one year had expired in June 2009 and later, on a request from the company, it was extended till July this year.

"We are planning to begin the project by constructing a compound wall. However there is long way to go," the official told PTI while refusing to provide further details about capacity and investments. Satyam had been the first investor in the SEZ and was allotted 128 acres of land. However, after the Satyam scam broke out in 2009 the project was put in cold storage by the new management- Mahindras.

According to the information furnished to the Commerce ministry, the company has finalised the contractor for construction of compound wall.

An architect has also been appointed for working out a detailed plan for its campus. Tech Mahindra took over the scam-hit Satyam in April, 2009, and rebranded it as Mahindra Satyam. Sources indicated that the project will be taken up only after the merger process is completed.

Recently, the Andhra Pradesh High Court directed MSat to convene a shareholders' meeting on June 8 to consider merger with Tech Mahindra. "A clear picture will emerge after the merger. Most likely next year serious work will be initiated," sources said.

Last month, MSat CEO C P Gurnani, while refusing to give a time frame for the completion of merger process, had said they don't foresee any hurdles in the way. Board of Approvals under the Ministry will take decision on the extension of validity in a meeting slated for next week. Meanwhile, MSat is set announce its Q4 and annual results of FY12 on May 17, according to a filing to BSE.


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