Parsvnath SEZ (PSL), a subsidiary of Parsvnath Developers, will develop a pharmaceutical special economic zone (SEZ) at Nanded in Maharashtra, by way of a special purpose vehicle in a joint venture (JV) with Maharashtra Industrial Development Corporation (MIDC).According to an official release issued by Parsvnath to the BSE today, it has received a letter of intent (LoI) from MIDC for the project, over 370 acres in the Krushnoor Industrial Area of Nanded. PSL will hold 74% stake in the JV with MIDC holding the balance 26%.The Nanded Pharma SEZ has already been approved and notified by the central government.MIDC has also identified an anchor unit for 20 hectares."This would be our second SEZ project in the state of Maharashtra. We are overwhelmed to receive extended support from Maharashtra Industrial Development Corporation (MIDC). The land to develop this project has already been acquired. The SEZ will offer employment opportunities to many in the region and a globally competitive environment to the pharmaceutical exporters," Pradeep Jain, chairman, Parsvnath Developers, said."This SEZ is proposed to be developed as a service oriented self contained estate. All the necessary infrastructure facilities for SEZ are proposed to be designed and operated to create an Ideal ambiance and best environment. This SEZ will be provide world class infrastructure to revive the interest amongst many players from the pharmaceutical sector and will serve as a big boon for the Indian pharmaceutical industry," Jain added.Parsvnath has 17 SEZ projects in hand, in various segments like, IT& ITes, Bio Technology, Gems and Jewellery, Handicrafts, Leather, Food Processing and Automotive Sector apart from Multi-Product SEZ's, which are in different stages for development. With the notification received for this SEZ, PSL in its portfolio has four notified SEZs in Indore, Gurgaon, Dehradun and Nanded.