Jaipur, Nov 29 (UNI) Spread over 3,000 acres, Mahindra&Mahindra (M&M) Group today said it will set up a multi-brand special economic zone (SEZ) here at an investment of three billion dollars that is expected to be completed in the next four years.
''We will invest three billion dollars for setting up the SEZ in the city over a period of four years,'' Group Executive Director and President (Infrastructure Development Group) Arun Nanda told reporters here on the sidelines of the two-day 'Resurgent Rajasthan-Partnership Summit' here.
The SEZ called Mahindra World City would comprise IT, ITeS, Light and Engineering, Gem and Jewellery and auto components, he said.
Mr Nanda said the Mahindra Group has partenered with the Rajasthan State Industrial Development&Investment Corporation Ltd (RIICO) for establishing a multi-product SEZ.
Four IT biggies will have space in the SEZ. Infosys will have 200 acres of land, while Wipro with 100 acres of land and Nagarro with 500 acres of land. The fourth one Tech Mahindra will invest Rs 300 crore for developing its space of 15 acres within the SEZ.
Mr Nanda said the proposed SEZ will create 1,50,000 employments by 2011.
Deutche Bank has also inked an MoU with the Mahindra Group to set up a global offshore centre in Jaipur, to be called Mahindra Tech City.
Commenting on the SEZ spread over 1400 acres set up in Chennai, Mr Nanda said the Group has already sold out a small retail space for the customers at Mahindra World City.
The Group had received formal approval for the biotech SEZ at Thane in Maharashtra covering an area of 72 acres, he said.