Parsvanath gets notification for SEZ

Parsvnath Developers Ltd has informed that the Company has received the final Notification from the Central Government for the setting up of IT / ITES SEZ at Sahastra Dhara Road at Dehradun (Uttaranchal). With this, the Company now has three notified product specific SEZs for IT / ITES Sectors at Indore, Gurgaon and Debradun, which will be executed by the Company's Subsidiary, Parsvnath SEZ Ltd.

The total area engrossed by Dehradun SEZ will be 35 acres with a total developable area of 3.8 million sq. ft. The project will involve an investment of Rs 1,050 Crores (approx.). The SEZ will provide infrastructure availability for the development of IT / ITES related offices and Industries in this high potential, unexplored region.

The Company also has two formally approved SEZs at Kochi and Hyderabad with a total developable area of 11.11 million sq. ft., which are awaiting notification from the Central Government. It also has 6 SEZs with total developable area of 270 million sq. ft., which have received in-principle approval from the Central Government.

In this regard the Company has issued the following press release:

"In a significant development, Parsvnath Developers Ltd, India's leading real estate developers, has received final notification from Central Government for the setting up of IT / ITES SEZ at Sahastra Dhara Road at Dehradun. With this, the Company now has three notified product specific SEZs for IT / ITES sectors at lndore, Gurgaon and Dehradun.

The total area engrossed by Dehradun SEZ will be 35 acres with a total developable area of 3.8 million square feet. The project will involve an investment of Rs 1050 crores approx. The SEZ will provide infrastructure availability for the development of lT / ITES related offices and industries in this high potential, unexplored region.

Commenting on the development, Mr. Pradeep Jain, Chairman, of the Company said, "The project will be executed by our subsidiary, Parsvnath SEZ Ltd. It will cater to the specialized needs of investors keen on setting up the world-class IT facilities in the region".

The Company also has two formally approved SEZs at Kochi and Hyderabad with a total developable area of 11.11 million sq. ft., which are awaiting notification from Central Government. It also has 6 SEZs with total developable area of 270 million sq ft, which have received in-principle approval from central government.

This takes the number of notified SEZs to three