Is Mihan still a live & Viable project. It is delayed abnormally beyond definitions.

It is now being talked that most of the corporate houses holding plots around MIHAN have decided to sell their plots.

Also, there is no priority about MIHAN. Atleast for next 2-3 years (next general elections then Maharashtra assembly then 1-2 years for settling of new govt etc etc). Above that, this project was never in the preferences of any of the govt. Whatever push has come, its just because of big real-estate players who somehow managed to keep this project live.

Now the question is, will Nagpur really get MIHAN even in 10 years from now...???? MIHAN is the only project which is driving Nagpur real estate.
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  • Originally Posted by arpitk1008
    Is Mihan still a live & Viable project. It is delayed abnormally beyond definitions.

    It is now being talked that most of the corporate houses holding plots around MIHAN have decided to sell their plots.


    I'm not sure where from you got your information. When I visited during my last month's trip to India, TCS has already started construction of two buildings, Boeing MRO is in full swing, Future group is operational along with TAL, Calibre Point and few other industries.

    And last summer Infosys signed land deal with MADC to buy 125 Acre land inside SEZ.
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  • :D:D:D .. :o... SORRY.. I can;t stop laughing....smiling..... Nagpur is going down man... read ASSO CHAM;s recent study..
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  • Originally Posted by arpitk1008
    :D:D:D .. :o... SORRY.. I can;t stop laughing....smiling..... Nagpur is going down man... read ASSO CHAM;s recent study..


    ...jyada daat maat nikal..:bab (45): yeh tere andar daal leh
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  • Lupin has started its construction at Butibori. For Nagpur projects updates, please visit Nagpur - SkyscraperCity
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  • Originally Posted by Gootelal
    ...jyada daat maat nikal..:bab (45): yeh tere andar daal leh



    Goteelal bhai.. Buraa maan gaye kya. Jo fact hai woh hai. Property dealers waise bhi sacchai se door hee bhagte hain...

    Bhaiya, Nagpur ka rating bahut neeche gir gaya hai.. yeh fact hai aur isako accept karo..refer NASSCOMs 2012 report.

    I am not bothered about your interests on this forum, but please don;t misguide other forum members. Come out with fact & then talk..
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  • Originally Posted by arpitk1008
    Goteelal bhai.. Buraa maan gaye kya. Jo fact hai woh hai. Property dealers waise bhi sacchai se door hee bhagte hain...

    Bhaiya, Nagpur ka rating bahut neeche gir gaya hai.. yeh fact hai aur isako accept karo..refer NASSCOMs 2012 report.

    I am not bothered about your interests on this forum, but please don;t misguide other forum members. Come out with fact & then talk..


    MIHAN ko is wakat FLOP hi kaha jaiga. TCS kush kar rahi hai aur 2-3 company agar kaam shuru bhi karengi to 3-4 saal pakad kar chaloo. Lakin Property walon nay ya Plot bechnay valon nay MIHAN ko lekar jo shor machaya tha vo sab khatam hoo chukka hai. Kush Nagpur key logon ney 15% aur baki Raipur, Bombay key Gujarati, Marwadi logon nay aur jin key pass Black paisa tha un logon nay Plot khiredey. Log soch rahey they ki MIHAN chaluu hua to 3 guna kama lengay. Lakin ab halat aisi hai ki Resale main bhi koi plot nahin kharid raha. Kush log jitney main Plot liya tha utney main bechney ko tayar hain. Jo dhoom Dhadkey say MIHAN ki publicity ki thi vo sab to FLOP hoo chukka hai.
    Land ka rate to kahin bhi bhadta hi hota hai aur Wardha Road par bhi 5-10 saal main bhad hi jaiga.
    jo Nagpur key Mihan lekar halla hua tha vo thappp ho chukka hai.
    Paper main kabhi 2-4 mahiney baad koi news aa jati hai ki XYZ bhi land Mihan main ley raha hai.Ye koi nahin batta ki jin logon nay Land Mihan main ley lii thi kiya sab nay kush kiya? Nahin kiya... Faltu ki discussion main kush nahin rakha. Nagpur Lazy City hai, Traffic ka to koi rule hi nahin. Kisi ko Saza deni hoo to MAY/JUNE main Nagpur bhej dooo
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  • This is the problem with many of people who expect land prices to shoot up within 6 months. You need to agree that land is long term investment and over 20-30 years it gives you 'stable' return of at least 8-9%. However current generation want returns in tune with stock exchange and thus the speculation and mass dealing of land followed in Nagpur.

    The current prices in Nagpur already factors in the MIHAN being fully developed. Prices between 2006 and 2008 doubled almost every year.!!

    Mihan story is not all about real estate though. TCS has completed 3 floors and will start operating by year end. Expect it to be fully functional in 2-3 years. Employing 4-5K people directly and 10K people indirectly. (4L * 5000) Rs per year (min) pumped into the Nagpur economy.
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  • Originally Posted by arpitk1008
    :D:D:D .. :o... SORRY.. I can;t stop laughing....smiling..... Nagpur is going down man... read ASSO CHAM;s recent study..


    You need to be in City to know the development. Nagpur has lots of land bank and if prices are not right people will move to different area and that's happening in Wardha Road area. If prices are high in Manish Nagar, people moved to Besa, if its high (800 to 1500 p.sq.ft) people started buying plots/flats in pipla and so on.

    If you fall for the returns promised by builders/land developers it is buyers fault. People who bought land really cheap at 50/- 100/- persq.ft in these area are reaping rewards even if they sell it at 200/- 250/- rate!
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  • Hope the mihan goes in full swing..
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  • Advantage Vidarbha 2013 - Advantage Vidarbha
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  • Mihan takes off as Reliance lands Nagpur: The Reliance Group plans to start production at its unit in Mihan-SEZ from the first quarter of 2018. Two years after it was allotted land in the area, a foundation stone-laying function was held here on Friday with the company chief Anil Ambani turning up for the event. France's minster for Armed Forces, Florence Parly, state CM Devendra Fadnavis and Union Minister Nitin Gadkari too were present.

    It will begin with making components for the Rafale warplanes and Falcon business jet made by France's Dassault Aviation. Eventually it is expected to fully assemble both the aircraft in the Nagpur unit in the coming years.

    With projections to pump in Rs6,500 crore, this would be the biggest private sector investment in defence sector, and also the largest unit in Mihan. The unit is slated to create 700 direct jobs apart from 5,000 skilled jobs though ancillarization.


    Reliance has tied up with Dassault Aviation to form the Dassault Reliance Aviation Limited (DRAL). The joint venture will be carrying out works under the offset obligation arising out of the deal to buy 36 Rafales from Dassault for the Indian Air Force (IAF).

    The offset obligation, which comes to Rs30,000 crore, would be implemented mainly through the Nagpur plant. With an investment of 100 million Euros, Dassault the 49% partner in the joint venture will also be making the largest ever FDI in the defence sector.

    However, assembling the aircraft will depend on Dassault getting more orders. The 36 Rafales, for which an order has been placed, will come in ready-to-fly condition. In India, the French is eyeing to bag the deal for supplying 57 Rafale planes for Navy too for which a request for information (RFI) has been issued.

    It would be similar in the case of Falcon 2000s too. However, considering the market, Relaince will be setting up a facility having a capacity to make 22 business jets in a year. For Falcon it would begin with making components of the front structure of the aircraft.

    "Initially our French counterpart thought that we would be setting up the unit at Bangalore or Hyderabad where the aviation sector is well-established. If not, the two they thought we may have a plant in Gujarat for obvious reasons. But I said its Nagpur," said Ambani.

    "It was only because of the insistence of Nitin Gadkari that we chose a site here. Even chief minister Devendra Fadnavis was equally keen," he added.

    The Reliance chief said the Dassault Reliance joint venture has also entered into a tie-up for providing logistical support for the Rafale fleet with the IAF for a period of 50 years.


    Eric Trappier, the CEO of Dassault Aviation, said, "Apart from supplying the aircraft to IAF, the company is also keen to offer the 57 planes needed by Indian Navy. Assembling of the Rafale aircraft at the Nagpur unit would depend on the additional orders it gets. Even the IAF needed 126 aircraft originally but only 36 have been added to its fleet at present."

    Parly, the French defence minister, said both France and India are natural allies. "Terrorism is faced by both the countries. We also share concerns over the developments in the Indian Ocean area and look forward for cooperation in terms of sharing information and defence assistance," she said. Parly also pushed France's case for selling the aircraft to the Navy.

    Nitin Gadkari said the project will bring Nagpur on the forefront and create new jobs for the region. "Production will start in January 2018," he said.

    Fadnavis said he hopes to fly from a Falcon 2000 made in Nagpur. "Incidentally, I flew down to the city in a Falcon along with Anil Ambani," he said.

    Source: timesofindia.indiatimes.com
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  • Tribunal admits insolvency petition against Abhijeet’s Mihan power company NAGPUR: An insolvency petition has been admitted against the Manoj Jayaswal-led Abhijeet MADC Energy Private Limited (AMNEPL) by National Company Law Tribunal (NCLT). The plea was filed by Alchemist Asset Reconstruction Company (AARC) over a loan default of Rs959 crore. Companies under Jayaswal's Abhijeet Group are sitting on bad loans worth Rs11,000 crore, making it one of the largest outstanding accounts in India.

    AARC had taken over the loans from a consortium of lenders, including Axis Bank, State Bank of Hyderabad, Bank of Maharashtra, and Uco Bank. AARC had issued a notice to AMNEPL in January under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act. As the company failed to clear the dues even after the notice, AARC filed a petition before the tribunal, which admitted its plea over a fortnight ago.

    Kolkata-based financial professional Vinod Kothari has been appointed as interim resolution professional (IRP). The IRP's job is to take over the management and suggest a revival package to the committee of creditors. This is like giving one more chance before final liquidation. The plan has to be submitted within 180 days. Kothari's name was suggested by AMNEPL.

    AMNEPL is a joint venture between Abhijeet Group and Maharashtra Airport Development Company (MADC), the state government agency developing Mihan-SEZ. The company was assigned to set up a power plant to supply electricity to Mihan-SEZ complex. The tariff was fixed at Rs2.97 per unit. However, Abhijeet Group stopped power supply on the grounds that it was not feasible at the tariff fixed originally, especially when the demand in Mihan was not at the level projected. With this, the 260MW capacity power plant was mothballed and ended up being a dead investment.

    AARC said the company originally owed Rs772 crore to the four banks. As it could not repay the loan, a Corporate Debt Restructuring (CDR) scheme as approved on March 28, 2013. After that, a master restructuring agreement was approved on April 20, 2013. However, despite all the efforts, the company failed to repay the loan.

    Finally, all the banks classified it as Non-Performing Asset (NPA) one after the other. Axis Bank was the last to give it the NPA tag, in July 2015. After that, the loan was assigned to AARC, which is claiming the dues as on July 31, 2017, which comes to Rs959 crore.

    MADC, which is 26% stakeholder in AMNEPL, had filed an intervening petition in the case. The intervention plea seeks that IRP and committee of creditors cooperate with MADC in case of a dispute. Land on which the project has been set up belongs to MADC. The NCLT bench has observed that in case of any difficulty from any side, the IRP will have to cooperate with MADC.

    IN A NUTSHELL

    AMNEPL is a joint venture between MADC and Abhijeet Group

    Abhijeet Group headed by Manoj Jayaswal has bank loans of Rs11,000 crore

    This is the biggest outstanding of all accounts.

    AMNEPL was supposed to supply power to Mihan-SEZ, developed by MADC

    Deal failed as power demand in Mihan never reached projected levels, and project ended up a dead investment

    Lenders involved include Axis Bank, State Bank of Hyderabad, Uco Bank, and Bank of Maharashtra

    All banks have classified the loans as NPA.

    Source: timesofindia.indiatimes.com
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  • IT major to start Mihan ops in April Nagpur: IT major HCL will start operating in Mihan-SEZ from the first week of April 2018, announced Sanjay Gupta, senior vice-president of HCL Technologies, on Thursday.

    Addressing a press conference at Chitnavis Centre on the sidelines of a symposium organized by HCL Foundation as part of corporate social responsibility (CSR), Gupta said, "We are on track and will go operational on April 1." The first batch of 100 out of 2,000 personnel to be recruited by HCL has completed training at the Noida unit of HCL. "We have received good feedback from the first batch to be deployed at Nagpur. When the unit starts, they will be dealing with the best clients and get exposure to study how industries work," he added.

    HCL has plans to appoint non-engineers and graduates in the SEZ unit. "We want to provide an opportunity to those people who are serious to work in the IT sector by providing a stable workplace. We are here to stay and are chalking out plans to operate the unit with its full strength," Gupta said.

    Commenting on recession in the IT field, Gupta said that jobs are never eliminated, but evolved with time. The new team will be equipped with latest developments in the field, he added.

    HCL Foundation also organized a symposium on 'Socio-economic development: Challenges and solutions'. Mayor Nanda Jichkar and NIT chairman Deepak Mhaisekar were present. Jichkar said that HCL has launched 'Amche Nagpur' initiative. Anybody who works for the betterment of the city is always welcome. With the funds made available under CSR and involvement of public, NGOs and government, the dream of sustainable development will be achieved, she added.

    Nidhi Pundhir, director of CSR unit of HCL Foundation, said that the thrust will be on sustainable development of the city and rural areas. Holding the symposium is just a beginning to work with all stakeholders. Education, health and environment are the pillars of development on which the company would work, Pundhir added.

    Source: timesofindia.indiatimes.com
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