JB SEZ Signs MoU With Gujarat Govt During Vibrant Gujarat 2011.

JB SEZ, the upcoming pharma SEZ at Panoli in Gujarat recently signed an Memorandum of Understanding (MoU) with the Gujarat government worth Rs.1160 crore. The memorandum was signed at the recently held Vibrant Gujarat 2011. According to the agreement the sector specific SEZ proposes to invest an estimated Rs.160 crore in development of the SEZ and Rs.1000 crore through units who will set up their manufacturing facilities in the SEZ.

Commenting on the development Kayvanna Shah, CEO, JB SEZ said, “The signing of the MoU between JB SEZ and the Gujarat government is indeed significant. This means faster and more efficient approvals for pharma companies, allowing them to make faster decisions and kick-start operations immediately. This agreement further reiterates the Gujarat government’s commitment towards growing and developing the pharma industry in the state.”

JB SEZ is jointly being promoted by HBS Realtors, a Mumbai based real estate development company and the J B Mody family (promoters of J B Chemicals and Pharmaceuticals). The SEZ has achieved its 100 per cent project financial closure with the help of its investor IL & FS India Realty Fund Ltd.

JB SEZ also offers location advantage as it is situated a few kilometers from Ankleshwar, the pharma hub of the country. Besides the strong location advantage, another advantage is that the area is close to the Delhi–Mumbai Industrial Freight Corridor. The 312 acre pharma SEZ is expected to create job capacities to the tune of 20,000 people.

Source : pharmabiz.com