 "Maharashtra approves Mahindra's Rs 19 bn tourism project in Mumbai suburb")
The Maharashtra government has approved a film-centric entertainment destination to be developed by the Mahindra Group at an investment of Rs 19 billion in a suburb of Mumbai.
The Bollywood theme-based tourism project will be developed on 82,950.5 sqm area belonging to the Mahindra Group on its plot in suburban Kandivali, according to a recent Government Resolution (GR).
A high-powered government committee had earlier this year accorded it the ultra mega project status.
As per the state tourism policy of 2016, an ultra mega project would require a capital investment of Rs 5 billion and to employ 750 people and complete it in 84 months.
The GR said since the Mahindra Group's project fulfils the criteria, it was accorded the ultra mega project status.
During the Magnetic Maharashtra investor summit in February, Mahindra Group Chairman Anand Mahindra had said they were exploring to set up a unique film-centric entertainment destination on their land at Kandivali as Mumbai is the heart of Hindi film industry.
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This will create hundreds of direct and indirect jobs, he had said.
The group already runs a successful tour and leisure services company Mahindra Holidays.
The government also approved another ultra mega tourism project to be executed by Yashomala Farming and Tourism Private Limited in Raigad district, according to another GR.
The project will come up on 63.37 hectare area at Roha. Nearly 53 villas will be constructed with an investment of Rs 8.22 billion and the project will provide employment to 1,014 people, it said.
The GR, however, mentioned that the 53 villas will not be able to enjoy incentives on the stamp duty and the state GST fronts.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)