News: Mahindra Gesco, Maharashtra to build SEZ in Pune

(RTR 24/03/2006) Mumbai - Mahindra Gesco Developers Ltd. signed a preliminary agreement on Friday with Maharashtra to jointly build a special economic zone.

The two partners will invest 11 billion rupees in the first year to set up the 3,000 acre project in the district of Pune, Arun Nanda, president of infrastructure development at Mahindra group, told a news conference.

"The project is primarily to attract foreign investments as it will be an export oriented unit," Nanda said.

The zone will aim to attract investment of $2 billion, mainly from electronics and electronic hardware companies, Mahindra Gesco, which built similar zones in Chennai and Jaipur, said in a statement.