MIDC chief executive officer, A Ramkrishnan, told The Financial Express that the list of projects and loans include the Rs 250 crore Millenium Technology Park at Navi Mumbai (Rs 50 crore loan), the Rs 60 crore Garment complex at Airoli, Navi Mumbai (Rs 30 crore) and the Rs 100 crore development of complexes in Export Promotion Industrial Park, Santacruz Electronics Export Processing Zone (SEEPZ) (Rs 50 crore). He added that the MIDC board at its meeting on October 17 cleared this proposal and authorised him to complete necessary paper work.

Ramakrishnan said that MIDC would pay Sidbi interest on the principal amount of the loan outstanding at the rate specified by the latter. The current lending rate was 14per cent and payable to Sidbi every quarter on March 1, June 1, September 1 and December 1.

MIDC will pay Sidbi a non-refundable upfront fee at 0.20 per cent on the sanctioned loan amount at the time issuing the letter of intent. A five per cent charge per annum and above the applicable rate by way of liquidated damages will be levied for defaults in payment of principal, interest andother monies payable under the loan arrears. Arrears of liquidated damages will carry interest at the same rate as applicable for the loan. CS Sangitrao, joint chief executive officer of MIDC, said that 30 buildings with an area of 15 lakh sq ft would be constructed in the proposed Millenium Technology Park. Spread across 30 acres, it would offer high quality infrastructure for information technology units.

Sangitrao said that the list of investors who have already made bookings for the space include Mastek India - 80,000 sq ft, CMS - 33,000 sq ft, Datamatics - 1,25,000 sq ft, Roltas Computers - 50,000 sq ft, Castrol - 40,000sq ft, American Power Conversion - 33,000 sq ft, Gulf Oil - 20,000 sq ft, HDFC Bank - 3,000 sq ft and another 20,000 sq ft by small units.

He said that the "hot lead" (those who will make the bookings soon) include Origin Computers - 40,000 sq ft, Mahindra British Telecom - 50,000 sq ft, BPL - 1,00,000 sq ft, Jindal Drilling - 30,000 sq ft, CMC - 20,000 sq ft and Manipal Apartments and Restaurants - 1,20,000 sq ft. The Manipal Apartments and Restaurants has already made an advance payment of Rs 5 lakh.

Ramkrishnan said that in all 10 lakh sq ft built up space would be made available to the information technology units in the Export Promotion Industrial Park, SEEPZ. So far, 5 lakh sq ft have already been developed.At Airoli, the proposed garment complext will actually house software and IT units.

It will be spread over 170 acres. Connectivity for units situated in the Millenium Technology Park and Airoli will be provided through VSNL and Software technology Park India, a government of India undertaking.