Real estate developer Omaxe Ltd said it has signed an agreement with Rajasthan Government to set up a Special Economic Zone (SEZ) at Alwar.
The SEZ, which would cover an area of over 5,000 hectares, is expected to be set up in a period of around 5 years, Omaxe said in a communique to the Bombay Stock Exchange.
The SEZ on completion would generate direct and indirect employment for about 6 lakh people in Rajasthan, the company said.
The company has received an ‘in Principle approval’ from Ministry of Commerce and Industry for setting up of the project, Omaxe said.
It also informed that it has promoted a wholly-owned subsidiary, Omaxe Rajasthan SEZ Developers Ltd.
Shares of the company were trading at Rs 436.95, up 6.65 per cent on BSE in afternoon trade.