Parsvnath's Rajasthan SEZ to attract Rs 1400 cr

Realty firm Parsvnath Developers today said it will develop a 112-acre special economic zone (SEZ) in Rajasthan, which is likely to attract an investment of Rs 1400 crore.

"The SEZ envisages an investment of Rs 1400 crore and will focus on giving a further boost to the gems and jewellery industry," Parsvnath Developers said in a filing to the Bombay Stock Exchange.

Parsvnath SEZ Ltd, a subsidiary of Parsvnath Developers, has signed a memorandum of understanding (MoU) with the Rajasthan government in this regard.

"This is a very significant MoU for us as this will help us in hastening the process of our commercial activity in Rajasthan. We have already identified the location for the SEZ, which will be on the outskirts of Jaipur," Parsvnath SEZ Ltd Director SN Sharma said.

The project is scheduled for completion within three years from the commencement of construction.

"Once complete, the project is expected to generate employment for more than 60,000 people in the Rajasthan," Sharma added.

According to the MoU, Rajasthan government would provide the necessary support for infrastructure facilities in the SEZ and would ensure a smooth implementation of the development of the SEZ.

The agreement would also help Parsvnath SEZ Ltd to avail incentives and facilities under various schemes announced by the state or the Central government.

Shares of Parsvnath Developers were trading at Rs 371, up 3.98 per cent, on the BSE in morning trade.