Mahindra City Gets SEZ Status

Posted: Tuesday, Sep 14, 2004 at 0015 hrs IST
Updated: Tuesday, Sep 14, 2004 at 0015 hrs IST

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Chennai, Sept 10: The ministry of commerce and industry has granted special economic zone (SEZ) status to `Mahindra City', the industrial park promoted by Mahindra group and Tamil Nadu Industrial Development Corporation (TIDCO).

`Mahindra City' is an integrated industrial park spread across 815 acres of land at Maraimalainagar in the outskirts of Chennai. The park will have three sector specific SEZs to cater to the needs of export oriented industries like information technology, apparel and fashion accessories and auto ancillaries.

According to a company statement issued here on Friday, `Mahindra City' already has an MoU with Apollo Hospitals to set up their state-of-the art health centre in the township. "Discussions with premier schools from Chennai are close to finalisation. The first phase of housing planned and designed by international consultants will be launched in October 2004," it said.

Mr Rameshram Mishra, IAS, secretary industries, government of Tamil Nadu has said, "Tamil Nadu today has state-of-the-art infrastructure for the industry and the SEZ approval for `Mahindra City' will further enhance our ability to serve global customers."

Mr Arun K Nanda, executive director, Mahindra and Mahindra said, "Mahindra City provides world class planning, modern infrastructure and a healthy clean environment, where the most demanding customers can ask for the best and get it. The SEZ status will help us add significant value to our customers' businesses."

The SEZ status provides units multiple fiscal and operational benefits. This would include 100% tax holiday for the first five years and a 50% tax holiday for the next five years, exemption from customs duty, central excise, service tax, education cess, central sales tax, and all local taxes levied by the state. SEZ also offers hassle-free operating environment to companies located within the zone through a single window system.

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