Mangalore SEZ, a Special Purpose Vehicle, was incorporated on 24th February, 2006 with participation of ONGC, Infrastructure Leasing & Finance Corporation (IL&FS), Karnataka Chamber of Commerce and Industries (KCCI) and Karnataka Industrial Area Development Board (KIADB). Present Equity Structure of MSEZ is ONGC- 26%, IL&FS- 50%, KIADB-23%, OMPL- 0.96% and KCCI- 0.04%. MSEZ is envisaged to be developed in two phases. MSEZ Phase I, notified as a sector specific Petrochemical SEZ, is being developed over an area of 1638 acres. Major Companies who are setting up their units in MSEZ Phase I are ONGC Mangalore Petrochemicals Ltd(OMPL), ISPRL, JBF Petrochemicals Ltd and Cardolite Specialties Chemicals Ltd.