Mahindra Gesco's biotech SEZ gets Govt. nod

Mahindra Gesco Developers Ltd.(MGDL), a division of the utility vehicles manufacturer, Mahindra & Mahindra Ltd (M&M), on Wednesday declared that it has received Government’s nod for the bio-technology sector to be established at Thane, near Mumbai.

Mahindra Gesco's SEZ will be spread over 72 acres already in possession of the Mahindra group and besides involving investment of around Rs. 150 crore, is expected to generate direct employment for more than 2,000 people over a period, M&M informed Bombay Stock Exchange (BSE).

Arun Nanda, Executive Director and President, Infrastructure Development Sector, M&M, said, "Biotechnology firms are looking for world-class facilities to support their global expansion. The Mahindra group, with the first mover advantage in the SEZ sector, is uniquely positioned to offer the biotech industry world-class and state-of-the-art facilities. This SEZ is a perfect fit in our strategy to create at ‘plug-in and play’ environment for global giants. It will have the dual advantage of the Mahindra World City's world-class infrastructure and its proximity to the commercial hub of Mumbai."

The SEZ will provide the same level of excellence that has been a success in the Mahindra World City, Chennai. It will offer all benefits of convenience, high productivity and lowered costs, living community in close proximity, while providing a truly international environment.

The proposed SEZ would also comprise specialist business zones with customized infrastructure to give companies a competitive edge.

The SEZ is expected to attract investments from universal bio-technology majors who are magnified by the wealth of talent in India.

The shares of the company closed at Rs. 613, up 2.21% at the BSE.