Nagpur: The Maharashtra Airport Development Company (MADC), which was courting global jewellery maker Tiffany and Co for investing in Mihan-SEZ, has been left disappointed. Even after showing initial interest in investing in the Mihan-SEZ, this US-based company has not signed on the dotted line yet. It has been more than four months that the MADC had sent a draft agreement to Tiffany for allotment of five acres of land in the SEZ. The company had proposed to set up a diamond processing unit, but has not reverted so far.
Sources in the MADC say that although the exact reason for Tiffany's reluctance is not known, they believe that it may be due to an overall adverse sentiment in the market. "They may be waiting for the situation to improve and the MADC is very hopeful to clinch the deal," said a source involved in the negotiations.
One of the major issues raised by the company is that it wants the tenure of the lease period reduced from the standard 99 years to 20 or 30 years.
05/11/13 Shishir Arya/Times of India
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Sources in the MADC say that although the exact reason for Tiffany's reluctance is not known, they believe that it may be due to an overall adverse sentiment in the market. "They may be waiting for the situation to improve and the MADC is very hopeful to clinch the deal," said a source involved in the negotiations.
One of the major issues raised by the company is that it wants the tenure of the lease period reduced from the standard 99 years to 20 or 30 years.
05/11/13 Shishir Arya/Times of India
