Govt nod to M&M's biotech SEZ

Utility vehicles manufacturer, Mahindra & Mahindra Ltd (M&M) on Wednesday said it has received the government's approval for its Special Economic Zone (SEZ) for the biotechnology sector to be set up in Mumbai.

The SEZ would involve investment of around Rs 150 crore and is expected to generate direct employment for more than 2,000 people, Mahindra and Mahindra informed Bombay Stock Exchange (BSE).

"Biotechnology firms are looking for world-class facilities to support their global expansion. This SEZ is a perfect fit in our strategy to create a plug-in-and-play environment for global giants. It will have the dual advantage of the Mahindra World City promise of world-class infrastructure and its proximity to the commercial hub of Mumbai," said Arun Nanda,executive director and president, infrastructure development sector, Mahindra & Mahindra.

The proposed SEZ would be spread over 72 acre of land of the company and would be developed by Mahindra Gesco Developers Ltd (MGDL), a subsidiary of the company.

The SEZ would would offer specialist business zones with customised infrastructure to give companies a competitive edge.

The shares of the company closed at Rs 613, up 2.21 per cent at the BSE.