Nagpur: Apparently private investors are not finding Mihan project very attractive. Maharashtra Airport Development Company (MADC) that had invited tenders for developing a warehousing facility on 7.7 acres of land could get no bidders. The last date for accepting bids ended a week ago but none applied. With no bidders in the first round, sources in MADC say they are now reworking the strategy.
Mihan has been projected as a major hub for warehousing ventures due to Nagpur's central location and the area's proximity to the airport. Land for this project earmarked outside the special economic zone (SEZ), area was supposed to be leased out to a private party for a period of 99 years. MADC had pegged the reserve price at Rs 3885 a square foot.
When contacted MADC's vice-chairman-cum-managing director UPS Madan confirmed no bids were received and said that the strategy was being reworked. Sources said that MADC could not get bids probably because the current rates appeared too high especially in the light of the conditions at which Future Group, which is already operating a warehouse, was offered a land.
26/11/12 Shishir Arya/Times of India
