MSEZ CEO Suryanarayana V and MIR Group CEO Raffaele Marrazzo exchange expression of interest (EOI) between MIR Group, Italy and Mangaluru Special Economic Zone Ltd (MSEZ) in Mangaluru on Friday.
Credit: DH Photo/Fakruddin H
Mangaluru: An exchange of expression of interest (EOI) between MIR Group, Italy and Mangaluru Special Economic Zone Ltd (MSEZ), to set up the MIR unit in Mangaluru as part of their expansion project, was held in Mangaluru on Friday.
Speaking on the occasion, MSEZ CEO Suryanarayana V said that the MIR group has chosen Mangaluru for its expansion of production of building materials and other design materials. He said that the infrastructure available at MSEZ and connectivity to port made them choose Mangaluru. “Initially, the MIR group has sought 10 acres of land. We want to take the project forward,” he said.
MIR Group CEO Raffaele Marrazzo said, “We want to expand our business in Mangaluru. Because of its strategic location, it will help us to export our goods to Middle East, African countries. The project is expected to start by 2026."
“We want to cater to active buildings, carbon negative buildings that do not create any harm to the surroundings. The building materials we produce will be panels, insulated materials, sustainable innovations. We will require 45 acres of land to expand our project in a phased manner in Mangaluru, he added.
Executive Director Nitik Ratnakar, who also hails from Mangaluru, said, “The city is accessible to other countries and the project aims to make Mangaluru a green energy hub to cater to not only Indian market but also global market. We have solar panels wherein not only the entire roof can be made a panel but also the stone cladding for walls can be made a panel to generate energy. Already 120 buildings in Italy have been converted into energy efficiency buildings by 80 per cent. We also have patents for thermal insulated doors and windows. Our project in Mangaluru will be a one-stop solution for energy efficient materials.”
Dakshina Kannada MP Capt. Brijesh Chowta said, “The MIR group will invest Rs 1,500 crore in a phased manner in Mangaluru. I have a vision of 'Back to Ooru' initiative in which entrepreneurs who have set up their business elsewhere and those who are in high positions in various industries come to their hometown and invest. As a part of it, MIR Group has entered into an EIO with MSEZ. The MIR group members will meet Finance Minister Nirmala Sitharaman in New Delhi on Saturday, as foreign direct investment is involved in it, to take it forward.”
“My aim is growth of the region by understanding the potential. Kanara Chamber of Commerce and Industry (KCCI) should take my initiative forward and help in the growth of the region,” he said.