Nagpur: Exports from Mihan, recognized as the country's largest multi-product Special Economic Zone (SEZ), have surged by nearly 40% during the financial year 2025-26. However, a slight decline was observed in services exports, which are primarily driven by the IT sector with a significant presence in the zone.
Two Decades of Operations
Mihan-SEZ has completed two decades of operations. According to figures compiled by the development commissioner's office under the Ministry of Commerce, the value of exports for the last financial year reached Rs9,626 crore, up from Rs6,935 crore in fiscal 2024-25. Services exports stood at Rs2,926 crore in fiscal 2025-26, compared to Rs2,974 crore in the previous fiscal, as confirmed by senior officials involved in SEZ management. The two aircraft maintenance, repair, and overhaul depots operated by Air India Engineering Services Limited (AIESL) and Indamer also contribute to service exports.
Manufacturing Sector Drives Growth
Data indicates that the manufacturing sector has played a major role in the export growth. Key players include Dassault Reliance Aviation Limited (DRAL) and Tata Advanced Systems Limited (TASL), both engaged in manufacturing aircraft components. DRAL produces parts for Dassault's Falcon business jet and the Rafale fighter jet. Lupin Pharma is among the oldest units in the manufacturing sector.
Manohar Bhojwani, president of the Mihan Industries Association, which represents companies with units in the SEZ, attributed the growth to several factors, including a costlier dollar. He also noted strong overseas demand. "The easing of tariffs after an initial hike has also helped push exports. Lupin Pharma is one of the major contributors. Apart from software, pharma, and aircraft components, Mihan also exports niger seeds and pulses," said Bhojwani.
Net Foreign Exchange Requirement
Units in an SEZ must achieve net foreign exchange earnings, making sufficient exports essential for companies operating within the zone.
Future Investments
The Maharashtra Airport Development Company (MADC), the developer of Mihan, expects a couple of new large-scale investors, as talks are underway with several companies, according to a source. Solar Defence and Aerospace Limited (SDAL) is the latest entrant, having recently held a groundbreaking ceremony for its robots and drones unit in the SEZ.
