Parsvnath Developers, the Delhi-based real estate company, has received the central government's approval to set up a bio-technology and pharma special economic zone (SEZ) over 25 acres in Hyderabad. The board of approvals of the ministry of commerce and industry cleared the proposal at its meeting held on July 12, 2007.
The state-of-the-art SEZ will be developed by the company’s subsidiary, Parsvnath SEZ over 21.5 lakh sq ft at an investment of Rs 400 crore. The company has already acquired land for the project and is moving towards early notification of the SEZ.
Parsvanath Developers has 15 SEZ projects on hand across the country, of which 11 have been approved. From gems & jewellery, diamonds, leather, garments, biotechnology, to handicrafts and IT, the company has covered almost all the segments.
The company raised around Rs 1,100 crore from an initial public offering at the end of last year.
For 2007, the company's plans include making investments of Rs 600 crore in Gujarat.