More investment may come the way of MIHAN-SEZ

Published in The Hitavada CityLine on May 16, 2013

US-based jewellery major Tiffany & Co may invest Rs 100 cr in MIHAN-SEZ

* Infosys to start work after Monsoon

By Kartik Lokhande 

The initiatives taken during and follow-up after ‘Advantage Vidarbha’ mega industrial promotion event are yielding positive results for the region. In what could be termed as a major investment, US-based jewellery major Tiffany and Company is planning to set up a diamond processing unit in Special Economic Zone (SEZ) adjacent to Multimodal International Hub and Airport at Nagpur (MIHAN).

“We have got positive feelers about the investment and we have been talking with Tiffany and Company for some time. It is a very positive development. In fact, land has been identified for the diamond processing unit and we are pretty close to signing an agreement with the company,” S Sittarasu, Senior Marketing Manager of Maharashtra Airport Development Company (MADC), told ‘The Hitavada’. The unit, which will be first-of-its-kind in India, is likely to fetch an investment of Rs 100 crore to MIHAN-SEZ that is spread over 4,354 hectares. Interestingly, it would be the first investment of this US-based company in India.

According to Sittarasu, MADC was pretty close to signing an agreement with Tiffany and Company at a mutually agreed upon date. If that happens, the company may start construction activities early next year. It is gathered that Tiffany and Company would bring diamonds to Nagpur by air, process them here, and then send it to various markets across the world. “Tiffany and Company, like other investor companies we are reaching out to, was very happy with the infrastructure development in MIHAN-SEZ area in terms of connectivity, road network, power and water availability,” Sittarasu said.

Meanwhile, the MADC officer said, other major investors also had revived or in the process of reviving their plans for investment into MIHAN-SEZ. According to him, Infosys would commence work on its unit after Monsoon. “Boeing, Satyam, TCS all are very positive and are happy with infrastructure development in MIHAN-SEZ area. Actually, things have started gaining pace especially after ‘Advantage Vidarbha’ meet,” he said. Sittarasu said that MADC had been on the job consistently and was trying to reach out to around 5,000 companies across the globe. “Already, we have reached out to 2,000 companies,” he added.

About Tiffany & Co

Founded in 1837 by 25-year-old Charles Lewis Tiffany and John B Young, Tiffany and Company is a big name in the world of jewellery. It achieved international recognition for the first time in 1867 for silver craftsmanship. Soon, it set up a silver studio, the first American school of design. Tiffany is credited with introducing ‘engagement ring’ in 1886. It went on to purchase crown jewels of France and Spain. Its founder Charles Tiffany was appointed as Royal Jeweler to the crowned heads of Europe, as well as the Ottoman Emperor and the Czar of Russia. After his death, his son Louis Comfort Tiffany took over in 1902. Even he became a big shot in design. The US President Chester Arthur invited him to redecorate the White House in 1882. The company created many commemorative designs for the US Government including ceremonial swords for Civil War generals, the Congressional Medal of Honor,; 1885 redesign of the Great Seal of the United States that appears on one-dollar bill. In 2012, Tiffany marked its 175th anniversary. Currently, it has over 200 stores across the globe. It offers a wide range of high-profile products including watches, designers and collections, accessories, and gifts.