New Delhi: In pursuance to development of SEZs, Parsvnath SEZ Limited (PSL), a subsidiary of Parsvnath Developers Ltd, will develop a pharmaceutical Special Economic Zone (SEZ) at Nanded in Maharashtra.
The company has received an LoI from Maharashtra Industrial Development Corporation (MIDC), for developing the Pharma SEZ project in Krushnoor industrial area of Nanded, which is in close proximity to the SH-6 connecting Nanded and Secunderabad.
Spread over a total area of 370 acres, athe Parsvnath SEZ Ltd will float a special purpose company jointly with MIDC to implement the project. PSL will hold 74% stake in the joint venture with MIDC holding balance 26%. The Nanded Pharma SEZ has already been approved and notified by the Govt. of India. MIDC has also identified an anchor unit for 20 hectares.
The SEZ will be developed as a service oriented self contained estate. All the necessary infrastructure facilities for which will be proposed to be designed and operated to create an ideal ambiance. It will provide world class infrastructure to revive interest amongst multiple players from the pharmaceutical sector.
The company has 17 SEZ projects in hand, in various segments like, IT& ITes, biotechnology, gems and jewellery, handicrafts, leather, food processing and automotive sector apart from multiproduct SEZ’s, which are in different stages of development.
With the notification received for this SEZ, PSL in its portfolio has four notified SEZs in Indore, Gurgaon, Dehradun and Nanded.