Jaipur, March 1, 2009
The Economic Times The Hindu Business Line
India's largest public sector bank State Bank of India has signed an agreement with multi-product special economic zone- Mahindra World City to set up a 25-acre northern hub in Jaipur.
The hub, coming up in the domestic tariff area of the SEZ, would be the banks' only data processing unit outside Maharashtra. It is likely to create 20,000 jobs in next few years.
Mahindra and Mahindra executive director Arun Nanda said the presence of SBI would give a tremendous boost to the company's efforts of positioning Jaipur as a specialized banking, insurance and financial services processing hub.
"With the inclusion of SBI, we would now have three top banks of the world - Deutsche bank, ICICI and SBI - in our campus. It will help us to attract other banking, insurance and financial majors to establish their facilities in Jaipur.
ICICI bank has also signed up an MoU with MWC to set up its northern hub while Deutsche bank is already operating its offshore processing unit from this campus. Earlier, Rajasthan chief minister Ashok Gehlot inaugurated Mahindra World City's light engineering and handicraft SEZ.
The 250-acre light engineering and handicrafts zone form a part of 3000-acre multi product SEZ that also have IT, auto ancillary and logistics zone which hosts 17 players including Q H Talbros, Veto Electropowers, Om Metals, Marsons, Dyanmic Engg, Tijara Polyprep, Polymed, A L Paperhouse, Rustic Furniture, Pink city Enterprises, Peadiprint etc.
Apart from the light engineering and handicrafts zone, the 750-acre IT zone of MWC, which is the largest IT SEZ of the country hosts IT majors like Infosys, Wipro, Tech Mahindra, Naggaro Connexions and Truworth.
"We are trying to rope in TCS as well. Our talks are in advance stages. We are a transparent company and want to make this zone a growth driver of this region," said MWC chairman Sunil Arora.
The Mahindra World City, a 74:26 joint venture between Mahindra Lifespace developers Limited and state owned Rajasthan State Industrial Development and Investment Corporation Limited is likely to attract an investment of Rs 10000 crore over a period of 5 years.
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