Sterlite buys land for Rs 9,700 cr in Aurangabad

Sterlite Technologies, an arm of the Vedanta Group, has acquired 50 acres in Maharashtra for a Rs 9,700-crore (Rs 97 billion) liquid crystal display (LCD) manufacturing project.

The state-run Maharashtra Industrial Development Corporation (MIDC) recently handed over the land. The company was exploring investment opportunities in various states and finally selected a site at the Shendre industrial estate near Aurangabad.

It plans to commission the first phase by the end of 2012. The estimated investment would be Rs 5,150 crore (Rs 51.5 billion) in the first phase and Rs 4,550 crore (Rs 45.5 billion) in the second one. This would be the first LCD project in the country and the fourth in the world.

The company is expected to seek a customised incentive package under the state's mega project policy. The Shendre facility would have an annual production capacity of 720,000 of 15-inch LCD panels.

Videocon is also going ahead with a proposed Rs 8,000-crore (Rs 80 billion) LCD and semi-conductor production facility at Navi Mumbai.