New Delhi, India, January 03, 2007 Parsvnath Developers Ltd has announced that in pursuance to development of SEZs, Parsvnath SEZ Ltd (PSL), a subsidiary of the Company, will develop a Pharmaceutical Special Economic Zone (SEZ) at Nanded in Maharashtra. The Company has received LoI from Maharashtra Industrial Development Corporation (MIDC), a Maharashtra Govt. Undertaking for development of Pharma SEZ project in krushnoor Industrial Area of Nanded which is in close proximity to the SH-6 connecting Nanded and Secunderabad.

Spread over a total area of 370 acres, the Parsvnath SEZ Ltd will float a special purpose Company jointly with MIDC to implement the project. PSL will hold 74% stake in the joint Venture with MIDC holding balance 26%. The Nanded Pharma SEZ has already been approved and notified by the Govt. of India. MIDC has also Identified an anchor unit for 20 hectares.

Speaking on the achievement, Mr. Pradeep Jain, Chairman, of the Company said, "This would be our second SEZ project in the state of Maharashtra. We are overwhelmed to receive extended support from Maharashtra Industrial Development Corporation (MIDC). The land to develop this project has already been acquired. The SEZ will offer employment opportunities to many in the region and a globally competitive environment to the pharmaceutical exporters."

Adding more, Mr. Pradeep Jain, said, "This SEZ is proposed to be developed as a service oriented self contained estate. All the necessary infrastructure facilities for SEZ are proposed to be designed and operated to create an Ideal ambiance and best environment. This SEZ will be provide world class infrastructure to revive the interest amongst many players from the pharmaceutical sector and will serve as a big boon for the Indian Pharmaceutical industry"

The Company has 17 SEZ projects in hand, in various segments like, IT& ITes, Bio Technology, Gems and Jewellery, Handicrafts, Leather, Food Processing and Automotive Sector apart from Multi-Product SEZ's, which are in different stages for development. With the notification received for this SEZ, PSL in its portfolio has four notified SEZs in Indore, Gurgaon, Dehradun and Nanded.