Financial Daily from THE HINDU group of publications
Saturday, Mar 25, 2006
Financial Daily from THE HINDU group of publications Saturday, Mar 25, 2006 |
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Industry & Economy
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Infrastructure M&M to develop Rs 2,000-cr SEZ in Pune Our Bureau
Special zone To attract investments from electronics and hardware manufacturing export units. SEZ to be developed over a period of 5 years. To provide employment to about 75,000 people
Mumbai , March 24 The Maharashtra Industrial Development Corporation (MIDC) and Mahindra & Mahindra Group (MMG) would be jointly developing a Special Economic Zone (SEZ) at Karla in Pune. MMG plans to invest Rs 2,000 crore in developing the 3,000-acre SEZ. It is primarily planned as an industrial-cum-residential zone for MNCs dealing in high-end electronics, computer hardware, information technology and other non-polluting industries. MMG plans to attract Rs 9,000 crore investments in the SEZ to be developed over a period of five years. It would generate employment for about 75,000 people. This is the third SEZ of the Mahindra & Mahindra Group in the country; the other two being in Chennai and Jaipur. MMG has invested Rs 1,000 crore in the Chennai SEZ. Addressing media persons after signing of the MoU between MIDC and MMG on Friday, Mr Arun Nanda, Executive Director, Infrastructure Development Group, MMG, said the concept is to create a `plug-in and play' environment for companies where work, residence and leisure are integrated in one area.
Woo investors
MMG hopes to attract investments from electronics and hardware manufacturing export units. Hardware industry needs large quantities of water and the whole region is water-surplus. The region receives about 100 inches of rainfall annually. The site is close to the Mumbai and Pune airports and is connected by the Mumbai -Pune expressway, he said. "Planning of the zone would be undertaken by the JTC Consultants, Singapore. The groundbreaking ceremony would be held at the end of the year. We would be investing Rs 15-20 lakh per acre for developing road, power, water and other civic infrastructure. The environment impact analysis for the zone is yet to commence," Mr Nanda said. Mr V.K. Jairath, Industries Secretary, Maharashtra, said MIDC's equity participation is yet to be firmed up and the process of land acquisition would commence soon. Mr Anand Mahindra, Vice-Chairman and Managing Director, MMG, said the investment would create infrastructure in the State.
More Stories on : Infrastructure | Maharashtra
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