Gremach to invest Rs 425 cr in SEZ

Domestic equipment hiring firm Gremach Infrastructure Equipments and Projects Ltd today said it will invest Rs 425 crore in the Gandhinglaj Special Economic Zone (SEZ) in Maharashtra.

The company would invest Rs 200 crore in development of the SEZ and about Rs 225 crore in its own saw pipe industry in the proposed SEZ, which is expected to generate large scale employment.

Gremach Infrastructure has also received in-principle approval for setting up the metal SEZ in Gandhinglaj, the company informed the Bombay Stock Exchange in a filing.

The company has already acquired 200 acres of land in Kolhapur district from MIDC, where the proposed metal SEZ is being set up.

Gremach Infrastructure provides construction equipment on hire for large-sized projects including road, port and hydroelectric sectors.

At the end of today's trading, the shares of Gremach rose by 4.15 per cent and closed at Rs 139.35 on the BSE.