Modern India plans Rs 375cr foray into FTWZ

Modern India Free Trade Warehousing Private Limited, a subsidiary of Modern India Ltd has identified land at Taluka Panvel and will be setting up a Free Trade Warehousing Zone (FTWZ). The Company has made an application to the Government of Maharashtra and necessary applications have also been made to the Board of Approval in Ministry of Commerce & Industry.

Modern India Free Trade Warehousing Private Limited is in the process of acquiring upto 300 acres of land at Taluka Panvel at a total costing of Rs.375 crores. The Company plans to meet this cost through Equity Capital, Debt & Internal Accruals. According to IL&FS report, leveraging on its location attribute, proximity to Mumbai and Navi Mumbai and other large-scale infrastructure projects like Airports, Ports & Special Economic Zones; the site is suitable for establishing Free Trade and Warehousing Zone.

Commenting on Modern India’s foray into FTWZ, Mr. Vijay Kumar Jatia, CMD, Modern India Ltd, says “A need was felt for developing a FTWZ. The FTWZ policy has been evolved to provide much needed infrastructure required for trading and storage activities relating to foreign trade. The key differentiator between an FTWZ and a standard warehouse is the unique product offering wherein the benefits of a free zone are integrated with professionally handled, high quality physical infrastructure, thereby providing an ideal platform for the successful proliferation of trading and warehousing companies in a globally competitive scenario”.

Mr. Jatia further added that “the benefits that come with FTWZ include common facilities such as cost effective skilled labour, transportation facilities, customized warehouse, sophisticated equipments, etc thereby improving the quality of infrastructure while reducing the logistics cost across the industry groups”.

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