New Delhi, Jan 3 (UNI) Parsvnath SEZ Ltd (PSL), a subsidiary of real estate major, Parsvnath Developers Ltd, today said it will develop a Pharmaceutical Special Economic Zone (SEZ) at Nanded in Maharashtra.
The company has received LoI from Maharashtra Industrial Development Corporation (MIDC), a Government of Maharastra undertaking for development of Pharma SEZ project in Krushnoor Industrial Area of Nanded, said a statement.
Spread over a total area of 370 acres, the Parsvnath SEZ Ltd will float a special purpose company jointly with MIDC to implement the project.
PSL will hold 74 per cent stake in the Joint Venture with MIDC holding balance 26 per cent. The Nanded Pharma SEZ has already been approved and notified by the Government of India. MIDC has also identified an anchor unit for 20 hectares.
''This would be our second SEZ project in the state of Maharashtra. The land to develop this project has already been acquired. The SEZ will offer employment opportunities to many in the region and a globally competitive environment to the pharmaceutical exporters,'' said Parsvnath Developers Ltd Chairman Pradee Jain The company has 17 SEZ projects in hand, in various segments like, IT& ITes, Bio Technology, Gems and Jewellery, Handicrafts, Leather, Food Processing and Automotive Sector apart from Multi-Product SEZ's, which are in different stages for development.
With the notification received for this SEZ, PSL in its portfolio has four notified SEZs in Indore, Gurgaon, Dehradun and Nanded.
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