GFH, Maharashtra govt sign deal to set up EDZ at USD 10 bn

Mumbai, Dec 14 (UNI) West Asia investment banking major Gulf Finance House (GFH) today signed a deal with Government of Maharashtra to develop a ten billion dollar economic development zone (EDZ) near Mumbai.

The zone, located along the Mumbai-Pune expressway on an area of 1,600 acres, will include an energy city, software city, telecom city and an entertainment city, GFH said here.

Addressing newspersons on the occasion, Chief Minister Vilasrao Deshmukh said, ''We welcome the initiative by Gulf Finance House to enlarge the scope of project by developing it as an Integrated Economic Development Zone.'' The project will help in the establishment of a knowledge and creative zone and will result in a creation of large scale high end jobs, Mr Deshmukh added.

''The opportunities that India offers in infrastructure and allied sectors such as energy, software and telecommunications, are tremendous,'' GFH chairman Esam Janahi said.

The Bank, earlier this year, had raised 630 million dollar for an Indian infrastructure project and proposes to raise more for other investments.

UNI