Tamil Nadu Industrial Development Corporation Limited (TIDCO) has successfully retrieved 985 acres of land at the Nanguneri Multiproduct Special Economic Zone (SEZ) from an unauthorized mortgage that had been taken out by the former promoter without government approval. This recovery marks a significant step in efforts to restore the SEZ, which was envisioned to create over 10,000 jobs in the region.
The retrieval of the land follows a legal battle initiated by Tamil Nadu Assembly Speaker M. Appavu, who had petitioned Chief Minister M.K. Stalin in March 2023 to retrieve the land and initiate legal action against the responsible parties. In his petition, Appavu highlighted that 2,519 acres of land had been acquired for the SEZ, but only a small portion had been developed, with the majority of the land remaining undeveloped despite loans being taken out against it.
Following the petition, TIDCO took steps to retrieve the land, and in the first phase, 985 acres of land have been successfully recovered. TIDCO has also requested the state government to resume the remaining 1,534 acres, and the matter is currently before the National Company Law Tribunal (NCLT). The NCLT has appointed a Resolution Professional, and TIDCO has filed an intervenor petition to explore the possibilities of restoring the remaining land.
The recovery of the 985 acres of land is a major relief, and the government can now scout for investors for the Nanguneri SEZ. The government is making sustained efforts to retrieve the remaining land, and the full restoration of the SEZ is expected in the near future. This will pave the way for the creation of jobs and boost industrial development in the region.
