It is the biggest economical development project currently underway in India in terms of investments.

The project aims to exploit the central location of Nagpur and convert the present airport into a major cargo hub with integrated road and rail connectivity.

This Project consists of Two Parts: namely An International airport to act as a cargo hub and A Special Economic Zone(SEZ) with residential zone covering a total area of 40.25 km on the southern end of Nagpur.

The project is financed by multiple Indian banks with total loan amount of INR 3,000 million along with investment from state government and Airports Authority of India.

With a projected target of serving 14 million passengers and handle 0.87 million tones of cargo this is one of largest aviation project in India.

The estimated capital cost of the project is INR 2581 crores (by year 2035) and is supposed to generate revenues INR 5280 crores.

Among the 43 companies which will be issued termination notice, around 20 have paid fully for the land.

The Honorable Chief Minister of Maharashtra, Mr.

Prithviraj Chavan, laid the foundation stone for the campus at Nagpur in the presence of Mr.

Narayana Murthy, Founder and Executive Chairman, Infosys.

The new campus at Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN).

Thus, MIHAN is a composite project of airport, road terminal, rail terminal, SEZ and various other allied services like housing, health city, international school and many more.

NAGPUR Even before Maharashtra Airport Development Company ( MADC ) goes ahead with sending termination notices to non-starters in Mihan-SEZ, some of the investors have already approached it with requests to get their money back.

On Sunday, it was decided to slap termination notices to 43 companies which were allotted land in the special economic zone (SEZ), but had not gone ahead with any development on the site.

Companies like IT major HCL have sent a request to the MADC last month saying that it can develop the project only in a part of the land and wanted money back for the rest.

HCL was among the early investors which had got the land in 2006-07, when RC Sinha, the retired IAS officer from the state, headed MADC.

If HCL has to be given back the money, it will be a huge drain on the MADC resources.

HCL was allotted 140 acres of land within Mihan-SEZ apart from 30 acres outside.

Out of this, it wants to set up the project only in 50 acres of land within the SEZ.

In case it has to be paid back, MADC will have to shell out Rs40 crore for the remaining SEZ land and another Rs24 crore for the non-SEZ plot.

This may be close to MADCs yearly income from selling land in the SEZ, said a source.

HCL is ready to get the money back in phases, the source said.

Leela Ventures, which was allotted 3 acres of land for Rs60 lakh an acre, has also sent a letter seeking refund, apart from one more company calling up the MADC.

Sources, now working out details of the termination notice, say that many of the old agreements with investors does not have a specific termination clause.

However, even as there is no termination clause, the agreements between MADC and the investors specify that the project has to be completed within three years.

But only those who had started the work had sought an extension.

Many in the list have not even bothered to apply for an extension, the source said.

The termination clause could have cleared doubts over repayment of money and other aspects, say sources.

The termination clause was included only in the later deeds signed over a year ago.

Majority of the companies to be issued a termination notice had taken the land during Sinhas regime, say sources.

The matter may now have to be put up before the MADC board, which will decide the future course.

On failing to do so, the allotment may be cancelled, said another source.

List Of Companies In Mihan Sez Nagpur