Indiacar News-Govt waves green for M&M`s Thane Biotech SEZ

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Govt waves green for M&M`s Thane Biotech SEZ

The government has given a go ahead to the Mahindra & Mahindra Group`s proposal for setting up a biotechnology sector specific Special Economic Zone (SEZ) at the Thane suburb of Mumbai.

The proposed SEZ would expand to 72 acres of land, owned by the company. The company announced that the SEZ would be developed by its subsidiary Mahindra Gesco Developers (MGDL).

M&M would invest Rs 1.5 billion in the SEZ, which is expected to generate direct employment for at least 2000 people, the company disclosed.

The SEZ intends to cater to the neeeds of bio-technology firms eyeing world-class facilities to support their global expansion and provides them proximity to the commercial hub of Mumbai, M&M executive director and president of the infrastructure development sector, Arun Nanda said.

Source : myiris.com (8/10/2006)

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