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Mangalore Special Economic Zone sells over 82 acres to ISPRL
The Mangalore Special Economic Zone Limited (MSEZL), which acquired 1,800 acres of land through the Karnataka Industrial Area Development Board (KIADB) in Mangalore taluk, has sold a portion of the land to a public sector crude oil reserve for a whopping sum of Rs 50 lakh an acre.
The MSEZL, which is the special purposes vehicle for SEZ in Mangalore, has sold 82.62 acres of land for Rs 41.31 crore to a public sector crude oil reserve. In fact, the 1,800 acres was acquired by the MSEZL for the setting up of the first phase of MSEZ which includes MRPL Phase III Refinery, Aromatic Complex, Olefin Complex and allied infrastructure facilities.
The MSEZL had paid Rs 8 lakh an acre for barren land and Rs 8.5 lakh for cultivated land other than R and R packages to the project-displaced families.The 82.62 acres was sold to the Indian Strategic Petroleum Reserves Limited (ISPRL), a subsidiary of Oil Industry Development Board of the Ministry of Petroleum and Natural Gas, for the setting up of a strategic crude oil reserve of 1.5 MMT capacities in Mangalore.
The ISPRL has plans to set up crude oil reserve centers in Vizag and Padur in addition to Mangalore at a total cost of Rs 2,397 crore. The Project Management Consultant M/S Engineers India Limited has finalized the Detailed Feasibility Report for crude oil storages at Vishakhapatnam, Mangalore and Padur.
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