A modern and fully integrated business city, located off the Mumbai-Pune highway, will be set up by 2011 that will encompass both business and social infrastructure with the theme "work-live-learn-play".
The Maharashtra government on Friday signed a memorandum of understanding with the Mahindra Group to set up the 3,000-acre special economic zone — "Mahindra World City" — in Pune district.
In this joint venture with the Maharashtra Industrial Development Corporation, the Mahindra group will be the major stakeholder, catering mainly to electronic and hardware industry.
"The Mahindra group and the MIDC will ensure the project brings prosperity to the people of Maharashtra by attracting investment and creating jobs," chief minister Vilasrao Deshmukh said.
Said Arun Nanda, Mahindra group president (infrastructure development): "The project is expected to generate investment in excess of $2 billion and around 75,000 jobs."
Mr Deshmukh, in whose presence the pact was signed by state industry secretary V.K. Jairath and Mr Nanda, hoped the project will be another testimony to the state being the best investment destination.
The Maharashtra government on Friday signed a memorandum of understanding with the Mahindra Group to set up the 3,000-acre special economic zone — "Mahindra World City" — in Pune district.
In this joint venture with the Maharashtra Industrial Development Corporation, the Mahindra group will be the major stakeholder, catering mainly to electronic and hardware industry.
"The Mahindra group and the MIDC will ensure the project brings prosperity to the people of Maharashtra by attracting investment and creating jobs," chief minister Vilasrao Deshmukh said.
Said Arun Nanda, Mahindra group president (infrastructure development): "The project is expected to generate investment in excess of $2 billion and around 75,000 jobs."
Mr Deshmukh, in whose presence the pact was signed by state industry secretary V.K. Jairath and Mr Nanda, hoped the project will be another testimony to the state being the best investment destination.