8 mega projects await Punjab nod Include Spinning Plant, Beer-Making Unit, IT Park, Multiplexes And
SEVERAL new mega projects proposals have been submitted to the Punjab government for approval which include spinning units, a beer manufacturing unit, a knowledge-based IT park, multiplexes and hotels. Barring the beer manufacturing unit, these projects would involve investments of over Rs 100 crore each. Ludhiana-based Malhotra Land Developers and Colonisers Pvt Ltd intends to set up a Rs 176 crore knowledge-based IT park adjoining the Palm City, a township project on Chandigarh-Ludhiana highway near Kohara Chowk. The proposed project will be spread over 53.63 acres and is proposed to be funded by the promoters contribution, through internal accruals and term loans from banks and financial institutions. While the park would employ 2,000 people, the project would be completed in three years from the date of approval. Nearly 60% of the area would constitute the industrial belt, 30% as residential area and the rest will be utilised for commercial purposes. Kaur Sain Spinners Limited has put in a proposal to inject Rs 120 crore to expand its yarn manufacturing unit from 16,128 spindles to 49,728 at Doraha, Ludhiana. The first phase of expansion is proposed to be completed by February and the second by March 2009. Jindal Cotex Limited is planning to pump in Rs 138 crore in a new venture in Ludhiana. The ISO 9002 company, which has been in business for over seven years having a capacity of 23,472 spindles and engaged in the manufacture of synthetic yarns, has approached the Punjab government for concessions. According to the company MD Sandeep Jindal, by September 2008, 28,000 spindles would be spun in the new facility with further addition of 22,400 spindles within the next four months. Later the dyeing and garments manufacturing unit will come up involving a total investment of Rs 138 crore, proposed to be funded through internal accruals, IPO and debt. Mr Jindal said the company is already exporting to markets in South Korea, Bangladesh, Spain, Italy, Indonesia and Latin America. He said the new project was being set up over 20 acres and the entire project was expected to be completed by June 2009. InBeau India International (P) Limited proposes to invest Rs 65 crore in a beer manufacturing unit on 21.71 acres in Pathankot, which is proposed to be funded through share capital and banks loans. The project would take 24 months to fructify from the time it gets the government nod. The project will employ 800 people the company may also go in for exports. Proposals have also been given for two multiplexes to be set up involving an investment of Rs 104 crore by L R Builders Pvt Ltd and Heaven City Developers Limited. L R Builders propose to set up a multiplex and a hotel at Sherpur Chowk in Ludhiana over 5,300 sq yards area which when completed in 30 months after getting the approval will employ nearly 1,800 people.This is proposed to be funded by the promoters and through loans from financial institutions. Similarly,Heaven City Developers propose to set up a multiplex on Zirakpur-Patiala road, district Mohali over 4.91 acres with an investment of Rs 135 crore. The project will take nearly 3 years for completion and would generate employment for 300 persons. Besides this, Seven Seas Resorts Pvt Ltd propose to set up a 4 star hotel in Mohali district on Zirakpur-Patiala road with an investment of 120 crore. The project to be spread over 4.92 acres would take three years for completion after the government approval and would employ 400 persons. The promoter would pump in Rs 60 crore as equity while another Rs 45 crore would come as loans from banks. Ishan Developers and Infrastructure has also drawn up plans to set up a five-star hotel and a shopping mall at an investment of Rs 252 crore in Mohali. Rakesh K Sharma,CMD of Ishan Group and MD Ishan Developers & Infrastructure Ltd, said the company was in dialogue with hotel chains for a possible tie-up