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Rahul Wadke

Mumbai, March 29 Bahrain-based Islamic investment bank, Gulf Finance House, which announced a $10-billion investment in Maharashtra in 2007 for setting an integrated economic development zone could get status of an SEZ.

A senior official of the Maharashtra Government told Business Line that the Government could consider granting SEZ status to the project after the land acquisition process is completed and infrastructure issues such as road connectivity and water supply are sorted out.

The 1,600-acre land acquisition process is under way near Panvel in Raigad district. Gulf Finance House has largely acquired private lands so far. Public lands, which are located between private one are being bought off with the help of State Government, the official said.

The official said that given the global reach of the bank, it will be able to get customers who can comply with principles of Islamic banking.

Initially, the bank signed a memorandum of understanding with the Maharashtra Government in October 2006 for setting up an integrated energy business zone spread over 300 acre with $2 billion investment.

The following year, the bank signed wide-ranging agreement with the State Government and investment was increased to $10 billion.

The scope of the project was expanded to include zones for telecommunications, software and entertainment. The zones will have offices, residential complexes, road connectivity and all the other necessary infrastructure facilities.

The $10 billion required for the project are being raised from 3,000 high net worth individuals and financial institutions in the countries of Gulf Cooperation Council. The energy zone will involve construction of a business centre that provides complete business infrastructure for leading oil and gas producers, downstream refiners and producers, support services, shipping and energy trading business.

Similar zones are being established in Kazakhstan and Qatar by the bank. The latest one was announced in November 2008 for Libya. The $ 5-billion Energy City Libya, will come up on 6 square km stretch on the shores of the Mediterranean city of Sabratha, 70 km west of the capital Tripoli.

More Stories on : Foreign Banks | Maharashtra

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