Mahindra and Mahindra on Friday said it will set up a multi-product Special Economic Zone, its third so far, in Pune which is expected to generate investment of around Rs 9,000 crore (Rs 90 billion).
Located off the Mumbai-Pune highway, the state-of-the-art fully integrated business city will be spread over 3,000 acres and is likely to generate 75,000 jobs. It will be the third SEZ for M&M after Chennai and Jaipur.
"The project has received an in-principle approval from the Board of Approval, ministry of commerce, for a multi-product Special Economic Zone on March 17," the company said.
The Mahindra World City in Pune District is expected to provide the required impetus in the form of electronic hardware manufacturing, and hardware-related research and development facilities to complement the software technology strengths of the state, it said.
"It will provide a fertile ground for high-end electronics, computer hardware manufacturing facilities, information technology and other non-polluting industries," the company said.
Designed on the 'parks within park' concept, it will offer specialist business zones with customised infrastructure to give industries a competitive edge. The city will also offer an exclusive housing zone complete with lifestyle facilities.
"The Mahindra World City in Maharashtra also marks the effort by the Mahindra Group to set up a pan Indian SEZ network following up on its foray into the South and North through Mahindra World City developments at Chennai and Jaipur," M&M said.
Maharashtra Chief Minister Vilasrao Deshmukh said he was confident that the SEZ will help attract investment in the state.
M&M vice chairman & managing director Anand Mahindra said Maharashtra offers many advantages, including access to a large reservoir of skilled and technical manpower. "All of which make for the ingredients of a successful recipe for the 3rd Mahindra World City in the country," he said.
The memorandum of understanding for the SEZ was signed by Maharashtra secretary (industries) V K Jairath and Mahindra Group executive director and president (infrastructure development sector) Arun Nanda.
Connected with six-lane roads, the SEZ promises stable power, unlimited bandwidth and abundant potable water enabling companies to set up operations with ease.