"The marketing efforts need to be more aggressive and more global now," Mahindra Industrial Park Ltd (MIPL) managing director Shaktikanta Das told The Financial Express.

As a result of the Asian meltdown, there is need to turn to other countries in Europe and the US to market the park's investment opportunities.

Das said, "Real intelligent investment decisions can be made in times of recession, than in boom times. The obvious advantage is that such investors can get all their inputs at a much cheaper rate. Also the investor can assess the best and worst scenario and accordingly proceed with the decision."

The company will also take a long-term perspective of the Indian economy and project the advantages of investing in the park which will beoffering world class facilities. It will also make efforts for investment promotion and is talking to select parties.

"The investor need not just look at the Indian market but also view this facility as a base for exports to world markets including south Asian countries, Europe and the US," he said.

Meanwhile, Mahindra Industrial Park Ltd has asked Jurong Town Corporation, who had prepared a master plan for the park, to give a proposal to develop a logistics centre. Adjacent to the park is the national highway (NH) 45 and the Parasmen railway station. Thus movement of goods will be facilitated by road and rail. The company plans to lease out the logistics facility on a build, own, operate and transfer (BOOT) basis to some private party.

The Asian meltdown has also forced the Mahindra Industrial Park to go easy on its park development plans which it intends to do in phases. In the first phase about 550 acres will be developed and marketed to domestic and international investors.

Das said the marketinghowever would have to be timed to coincide with something to show in terms of land and infrastructure development expected to be completed by the last quarter of this year. Once this takes shape, the company will start marketing the park aggressively, the target in the initial phase being about Rs 1,000 crore.

Of the 1,350 acres of land to be acquired, the company has bought 700 acres with the balance to be procured by August or September this year.

Mahindra Industrial Park is in talks with several firms including Mitsubishi of Japan, Jurong Town Corporation of Singapore and a French infrastructure firm to conclude some pact for equity investment. However the financial structure is yet to be finalised.

As of now, the Mahindras will hold 40 per cent of total equity of Rs 50 crore, Infrastructure Leasing & Financial Services (ILFS) 30 per cent and Tamil Nadu Industrial Development Corporation Ltd (Tidco) 11 per cent. The balance 19 per cent which is to be later offloaded to private promoters is being heldby Mahindra & Mahindra and ILFS in the ratio of 4:3. In effect this means the Mahindras will hold 49 per cent and ILFS 40 per cent till new promoters are roped in.

The park project cost estimated at Rs 210 crore will also have a debt component of Rs 160 crore. But a good portion of this is expected to come from internal generation by way of lease rentals once the first phase development is complete. The first phase is expected to have an outlay of Rs 60 crore to Rs 70 crore and is expected to be operational in two years. It will focus on certain key areas like auto components, apparel and garments, printed circuit boards, software, light engineering. Some `orange' category units like electroplating workshops are not ruled out.

Mahindra Acres Consulting Engineers has conducted the environment impact assessment (EIA) study and Mahindra Industrial Park has submitted this report to the Tamil Nadu Pollution Control Board with its application for clearance of the park project.

It is also trying to get ablanket clearance for those investing in the park so that individual units get their okays from the board at a faster pace.

Meanwhile, the company is separately pursuing its plan to set up a 120mw power project project in the light of captive power policy of the state government announced recently. For the park itself TNEB has agreed to give supplies from the state grid.