Italy-based MIR Group evinces interest in investing ₹1,500 crore in Mangaluru

Italy-based MIR Group, which specialises in providing energy-efficient building materials, has evinced interest in setting up its first offshore unit in Mangalore Special Economic Zone (MSEZ). The firm has proposed to invest ₹1,500 crore in a period of three years for its unit, which will produce materials namely thermal insulation materials, sodium-ion batteries, and thermally insulated doors and windows.

Italy-based MIR Group, which specialises in providing energy-efficient building materials, has evinced interest in setting up its first offshore unit in Mangalore Special Economic Zone (MSEZ). The firm has proposed to invest ₹1,500 crore in a period of three years for its unit, which will produce materials namely thermal insulation materials, sodium-ion batteries, and thermally insulated doors and windows.

An expression of interest was exchanged between Chief Executive Officer of MIR Group Raffaele Marrazzo and CEO of MSEZ V. Suryanarayana in Mangaluru on Friday. The ceremony was held in presence of MP Capt. Brijesh Chowta.

Talking to reporters here, Mr. Marrazzo said as part of firm’s expansion plan, it was decided to have their first offshore unit in Mangaluru SEZ. The firm intends to invest ₹1,500 crore in phases and start operations of the unit by 2026. The carbon negative building material produced at the unit will be exported to countries, including Australia, and to Middle East nations.

Director MIR Group UAE, Nitik Ratnakar, said the firm intends to make Mangaluru a hub of energy efficient and sustainable building solutions. To start with the unit in MSEZ will come up on 10 acres of land. It is proposed to seek additional 35 acres, Mr. Ratnakar said.

Mr. Suryanarayana said as many as 10 companies were presently functioning from the MSEZ. The average annual export from firms in MSEZ was ₹6 crore. The GMPL is set to start operations from September. Apart from MIR, there are few more firms which have sought allocation of land in MSEZ in which 160 acres of land is yet to be made use of.

Capt. Chowta said investment by MIR group was first among the foreign investments made following his ‘Back to Ooru” (back to the city) initiative. Under this initiative, Capt. Chowta said he is calling upon Mangaluru natives staying abroad to invest in the native city. The MP said as Finance Minister Nirmala Sitharaman has shown interest in the expansion project of MIR, he will be take a delegation of MIR Group to meet the Union Minister in New Delhi on Saturday.