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Reliance finally pays pending dues for Mihan-SEZ land.

Date: 21-07-2017
Subject: Reliance finally pays pending dues for Mihan-SEZ land
Nagpur: Anil Dhirubahi Ambani Group (ADAG) company, Reliance Aerostructure Limited has finally paid pending dues towards the land cost in Mihan-SEZ. The company was supposed to pay Rs38 crore for getting 105 acres of land in the area for its project to set up an aerospace park here.

Reliance was allotted land in 2015 when it announced a Rs6,000 crore project. However, the full amount remained to be paid. The dues have been cleared last week. The development was confirmed by the vice-chairman-cum-managing director of Maharashtra Airport Development Company (MADC) Suresh Kakani. MADC is the developer of Mihan-SEZ.

A function to mark the beginning of work on the project is expected to be held this month. However, there has been no formal communication from Reliance so far, said sources. Earlier while sharing information with TOI, a company source said, there are plans to start construction by end of this month with production planned in first quarter of 2018.

The company may start with making nose-cones for Falcon, the commercial jets made by France's Dassault. Reliance and Dassault have also tied for implementing the offset agreement arising out of the 36 Raffale purchase by India from the French company.

Earlier, Reliance had held up the payment on the grounds that MADC should first build a taxiway connecting its site with existing runway. This was because it ultimately plans to make aircraft at Mihan. MADC, on the other hand, wanted Reliance to start construction first. Reliance has later softened the stance and now plans to being construction soon.

Under the original proposal, Reliance planned to take over 300 acres of land but the requirement was later cut to 105 acres.

Source: timesofindia.indiatimes.com

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