Mumbai, Oct. 6
MAHINDRA Gesco Developers Ltd plans to set up a special economic zone (SEZ) in Jaipur.
The project, which would take 3-5 five years to be completed, would involve an investment of Rs 1,000-1,100 crore, according to Mr Arun Nanda, Vice-Chairman.
The fully-integrated business city in the SEZ format would be executed by a special purpose vehicle, Mahindra World City Jaipur Ltd, in which the Mahindra group company and the Rajasthan State Industrial Development and Investment Corporation (RIICO) would be shareholders.
The shareholders' agreement was yet to be signed but Mr Nanda said RIICO had the option to hold up to 49 per cent equity. The project would be spread over 3,000 acres and work could begin soon as the State Government already owned 1,000 acres.
The business city's main focus would be IT and IT-enabled services and creating a world-class logistic hub for the northern States.
"We hope to have the first tenant in place by 2006," Mr Nanda said. According to an official statement, the Mahindra World City would be completely backed by high-end infrastructure six-lane roads, stable power, unlimited bandwidth and abundant potable water.
The IT-SEZ would be operational by the first half of 2006.
"The project is expected to generate investment in excess of $ 2 billion or Rs 10,000 crore and will generate one lakh jobs," the statement said. The first Mahindra World City was inaugurated in September 2002 in Chennai, covering 1,400 acres and in partnership with the Tamil Nadu Industrial Development Corporation. It has three sector-specific SEZs IT (services and manufacturing), apparel and fashion accessories and auto ancillaries.