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October 19, 2007 16:09 IST
The government on Friday cleared seven co-developers in Mukesh Ambani-promoted Navi Mumbai SEZs, thus endorsing fresh investment through private equity players by a key partner of the Reliance Industries [Get Quote] chairman, Mukesh Ambani.
The Board of Approval gave a green signal to the Navi Mumbai SEZ proposal "subject to their producing data on net assets of the co-developers," Commerce Secretary G K Pillai said.
The intricately structured SEZ was first divided into four zones - one multi-product and three for IT and ITeS. Later, the promoters inducted seven co-developers with Jai Corp [Get Quote] being the holding firm for these partners.
According to sources, Jai Corp had sold its 10 per cent stake through an overseas infrastructure fund and raised Rs 2,500 crore (Rs 25 billion) to be ploughed back to all the co-developers.
A source said with the government approving the co-developers's arrangement and the "money having been realised, the promoters can go ahead with new financial restructuring."
The Navi Mumbai SEZ will have to furnish all the financial data to the government by the month-end, Pillai said.
The promoters, mainly Ambani and his aide Anand Jain, had to divide the SEZ into four zones for meeting the contiguity criterion of the law.
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