The Hindu : Business : Mahindra Gesco's biotech SEZ cleared

Online edition of India's National Newspaper
Thursday, Aug 10, 2006

Business

Business

Mahindra Gesco's biotech SEZ cleared

Staff Correspondent

Investment outlay Rs. 150 crore; proximity to commercial hub of Mumbai

MUMBAI: Mahindra Gesco's proposal for special economic zone (SEZ) for the bio-technology sector to be set up at Thane, near Mumbai, has received the approval from the Board of Approval.

The proposed special economic zone will be spread over 72 acres already in possession of the Mahindra group and will be developed by Mahindra Gesco Developers Ltd. (MGDL), a subsidiary of Mahindra & Mahindra.

The proposed SEZ will provide the same standards that have been a success in the Mahindra World City, Chennai. The SEZ will involve an investment of around Rs. 150 crore and is expected to generate employment for more than 2,000 people over a period.

Arun Nanda, Executive Director and President, Infrastructure Development Sector, M&M, said, "Biotechnology firms are looking for world-class facilities to support their global expansion. The Mahindra group, with the 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 at `plug-in and play' environment for global giants. It will have the dual advantage of the Mahindra World City's world-class infrastructure and its proximity to the commercial hub of Mumbai.''

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

The SEZ will offer specialist business zones with customised infrastructure to give companies a competitive edge.

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