Mahindra Lifespace to develop SEZ in Lanka

Mumbai: Mahindra Lifespace Developers Ltd said it has signed an agreement with the Board of Investments of Sri Lanka for developing a special economic zone (SEZ) at Katunayeke.

The deal was inked in Colombo during the visit of a delegation of corporate heads and industrialists, led by the Union Minister of State for Commerce, Mr Jairam Ramesh.

The SEZ covering 65 acres will have a mixed-use development, including an IT park having a strategic advantage of being opposite the Bandarnayake International Airport. The project will bring about the development of about three million sq ft of built-up space and over 35,000 jobs in Sri Lanka. Mr Arumugam Thondaman, the Sri Lankan Minister of Youth Empowerment and Socio-Economic Development, and the Vice-Chairman of Mahindra Lifespace, Mr Arun Nanda, signed the agreement.