This story is from September 17, 2007

Mahindra to set up SEZ in Thane, Karla

PTI / Sep 17, 2007, 21:37 IST

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The company has received formal approval for the biotech Special Economic Zone at Thane covering an area of 72 acres which it would develop along with the parent company, Mahindra & Mahindra.

MUMBAI: Mahindras would be setting up SEZ for biotech industry in Thane, on the outskirts of Mumbai and a multi-product SEZ at Karla, near Lonawla-Pune, Mahindra Gesco Developers Ltd chairman Anand Mahindra told shareholders at the annual general meeting today.
The company has received formal approval for the biotech Special Economic Zone at Thane covering an area of 72 acres which it would develop along with the parent company, Mahindra & Mahindra.
The land for this SEZ is owned by Mahindra & Mahindra.
The company has also received in-principal approval for multi-product SEZ at Karla near Pune, he said.

Referring to the Karla SEZ spread over 3,000 acres consisting of SEZ and Domestic Tariff Area, he said he has some interesting plans but did not eloborate. It will be quite different from other multi-product SEZs, he said.
These new SEZs are coming up over and above the two SEZs the company is already working on. Its SEZ in Chennai called Mahindra World City spread over 1400 acres is the first operational SEZ on public private partnership model.

The company has acquired 1,000 acres of land at Jaipur and buying the remaining 2,000 acres. It has received formal approval for the development of 18 acres as IT-SEZ there.
Responding to concerns whether appreciation of rupee would cause trouble for the various SEZs coming up, he said SEZs would offer highly improved infrastructure for exporters which would make exports competitive despite rise in rupee.
Meanwhile, the name of the company is being changed from Mahindra Gesco Developers Ltd to Mahindra Lifespace Developers Ltd. Gesco was short for Great Eastern Shipping Company which now does not have any interest in the company.

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