Adani Enterprises Ltd (Rs.69.20) recommended in this blog from around Rs.66, today made a high of Rs.70.35. Unless Rs.67, is broken on the downside, this is a hold now.
According to a report publiahed in Business Standard, Mukhesh Ambani, an investor in the Navi Mumbai SEZ project in his personal capacity, is evaluating offers from a few investors seeking to develop it as an industrial park. The Maharashtra government has already allowed a part of the SEZ to be converted into an industrial area and the valuation exercise for the SEZ, spread across 2,140 hectares in Navi Mumbai, is underway.
It is pertinent to mention here that, the SEZ’s promoter, Jai Corp (owned by Ambani’s close confidant Anand Jain), earlier blamed the global financial crisis and the withdrawal of fiscal incentives by the Centre for the project turning unviable.
Ambani and Jai Corp had also planned to set up another SEZ, Mahamumbai, in Raigarh district. But the project faced stiff resistance from locals, who agitated against land acquisition by the state government. For the project, land was acquired in Uran, Pen and Panvel. So far, only 4,600 acres have been acquired.
In its annual report for 2014-15, Jai Corp said the new land acquisition Act, notified in January 2014, made it difficult to buy land in contiguity, vital for an SEZ. But the land can be used for other projects, if the Maharashtra government allows to do the same.