Mahindra Gesco gets govt nod for Biotechnology SEZ

Mahindra Gesco Developers Ltd has announced that the Board of Approval, Government of India has approved the Mahindra Group´s proposal for sector specific special economic zone for Biotechnology sector to be setup at Ghodbunder Road, Thane, a suburb of Mumbai. Proposed SEZ will be spread over 72 acre of land owned by the Company and will be developed by the Company, a subsidiary of Mahindra & Mahindra Ltd. The proposed SEZ will provide the same world class standards that have made the Mahindra World City SEZ in Chennai a big success.

The SEZ will involve investment of approximately Rs 1500 million and is expected to generate direct employment for more than 2000 people.

Mr Arun Nanda, Executive Director and President Infrastructure Development Sector, Mahindra & Mahindra said, "Bio-technology firms are looking for world class facilities to support their global expansion. The Mahindra Group, with its first mover advantage in the SEZ sector, is uniquely positioned to offer the biotech Industry world class and state-of-the-art facilities. This SEZ is a perfect fit in our strategy to create a "plug-in and play" environment for global giants. It will have the dual advantage of the Mahindra World City promise of world class infrastructure and its proximity to the commercial hub of Mumbai".

The SEZ will offer all the benefits of convenience, high productivity and lowered costs, living community in close proximity, while providing a truly international and soothing environment.

The SEZ shall attract investments from global bio-technology majors who are attracted by the wealth of talent in India. The SEZ will offer specialist business zones with customized infrastructure to give Companies a competitive edge.

Source : Equity Bulls

Keywords