Gitanjali Gems to set up SEZ near Mumbai

MUMBAI: The Rs 2,500-crore Gitanjali Gems, India’s leading gems and jewellery retail company has received an approval for a special economic zone (SEZ) for the gems and jewellery sector at Panvel. To be spread over 25.23 acres, this will be Gitanjali’s second SEZ, after the 200-acre Rajiv Gems Park at Shamshabad, Hyderabad.

Gitanjali will invest Rs 1,500 crore on these two projects in Hyderabad and Panvel — the former is under development and a diamond and jewellery training centre has already been commissioned. The Hyderabad SEZ will be operational in three years and will be developed in a phased manner.

The first 75 acres of the 200 acres will be developed next year to set up a diamond processing unit. Around Rs 350 crore would be raised through bond placement in the global market to fund the project. The next 75 acres will be used for commercial development and the final phase of 50 acres will be used for setting up both commercial and jewellery facilities.

Gitanjali Gems plans to float a special purpose vehicle to develop the SEZs. “Once operational, the projects are expected to generate estimated annual revenues of Rs 5,000 crore,” said Mehul Choksi, chairman, Gitanjali Group. The two SEZs will offer 13.5m square feet of world-class infrastructure for the Indian gems and jewellery industry.