Reliance officials say they are looking at raising funds from all sources including banks but the priority now is to buy land. “We have not yet finalised how to fund the project,” said a Reliance official seeking anonymity. “But funds have never been a constraint for the company.”

Videocon officials say their unlisted firm, Videocon Realty Infrastructure will invest in the two SEZs now coming up at Aurangabad and Pune. “Apart from borrowings, flagship Videocon Industries will invest Rs 50 crore and have the right to purchase entire equity at par in five years. We were looking at banks for funds,” said an official.

Bankers say if the project is good, banks should not bother about the hike in risk weightage. “A 150 basis points hike in risk weightage on SEZ project should not have much impact,” said Keky Mistry, managing director of HDFC Ltd. As part of the SEZ project, Ambani has bid for Rs 2400 crore cross-harbour Mumbai to Navi Mumbai road project. The company has floated a special purpose vehicle to implement the project. “Certainly, this can’t be called a real estate,” officials said.

The bookings of space in the SEZs, he said, would also generate funds for the project and is one more option for the project developers. What has heartened SEZ developers is that many international investors are already queueing up to invest as partners for the SEZ projects.