ISMT to set up IT SEZ in Gurgaon

MUMBAI: Pune-based ISMT Ltd on Friday said it will form a wholly owned subsidiary in a bid to set up a special economic zone in Gurgaon catering to the IT sector.

At its meeting held last month the company's board of directors approved the proposal to incorporate a subsidiary in order to set up the SEZ catering to the IT or ITES sector, ISMT informed the Bombay Stock Exchang on Friday..

The board also gave its nod to ISMT for acquiring 50,000 equity shares of Neil Builders Ltd, following which it would become a wholly owned subsidiary of the company.