On 29 July 2009, Bharat Forge and the MIDC signed a 74:26 JV agreement to develop a 4,500 ha SEZ at Khed in Pune, Maharashtra. The new entity is christened as Khed Economic Infrastructure.

The MIDC stake is expected to be in terms of providing land and infrastructure.

The lease agreement for land is likely to be signed soon after the financial closure for the Phase I of 1,700 ha. The land for this phase is in place and the process of procuring 2,000 ha for Phase II is underway.

Bharat Forge has requested the state government to fast track the process so that Phase II land acquisition is to be completed by 15 August 2009. The state government has approved 48 million cubic metres of water for the SEZ.

The proposed SEZ is expected to house companies involved in heavy engineering, auto (and components), gems and jewellery, IT and electricals and electronics.

Also See:

Bharat Forge in pact with Areva (30-Jan-09)

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