Mihan Future bright as MADC to set up warehouses

: In a pep up announcement for Nagpur’s ambitious Mihan-SEZ, RC Sinha on Saturday announced that the Maharashtra airport development company
(MADC) would be coming up with a 4 lakh square-feet warehousing complex for retail major Future Group. The vice-chairman-cum-managing director of MADC added that it would also be offering 272 tenements at Khapri for sale by next month. This is a part of the low cost houses to be constructed by MADC.

“The agreement was signed with Future Group on Friday and land has been earmarked just outside the SEZ area. Under the arrangement, Future Group would be the end-user of the warehouses and would be paying rent which would be fixed at 14% of the construction cost,” Sinha said, adding that the move would not only create employment but will spur allied businesses too.

The MADC top boss accepted that this was one of the moves to counter the economic slowdown which has affected investment in Mihan too. Future Group chairman Kishore Biyani added that the set-up would be used by Future Logistics which has a Rs 300 crore turnover. “Nagpur would serve as a better location and so I have been upbeat about this place. The set up is expected to be ready in 12 months,” he said.

Sinha added that there has been some progress towards the joint venture company between MADC and AAI. The company, Mihan India Private Limited, was registered on June 9 and the certificate of incorporation received. The certificate of commencement of business is awaited and a shareholders’ agreement remains to be signed with the AAI.

“Lack of an agreement is not expected to affect the company’s functioning and neither will it hamper in both AAI or MADC chipping in their part of capital in to the venture,” said Sinha, adding that the first board meeting would be held on July 8.