Bahrain-based Gulf Finance House (GFH), an Islamic investment bank, today said it has received an in-principle environmental approval from the Maharashtra government for its $10 billion Economic Development Zone (EDZ) near Panvel in neighbouring Navi Mumbai.
"We have got verbal approval from the concerned state agency. We expect to get the order soon," GFH Chairman Esam Janahi told PTI.
"The State Environment Appraisal Committee (SEAC) has reviewed the presentations made to it by the company and has also undertaken a visit to the site. All information requested by the SEAC has been satisfactorily provided and the company expects to receive the formal approval very soon," he said.
The EDZ near Panvel is promoted by a consortium led by GFH. It has three distinct components -- Energy City, IT and Telecom City and Entertainment City.
On completion, the project will generate over one million direct and indirect employment opportunities, Janahi said.
"This project is expected to provide direct employment to over 2,50,000 people and indirect employment to as many as 7,50,000 people," he said.
The company has almost completed the land acquisition for the first phase, he said.