M3M group to sell Gurgaon IT-SEZ

Realty firm M3M India has entered into an agreement with Tata Realty and Infrastructure to sell its proposed IT-SEZ at Gurgaon for about Rs 500 crore. The group has signed an agreement to transfer its shares in the proposed SEZ to Tata group firm Tata Realty and Infrastructure along with Standard Chartered Private Equity. M3M India's subsidiary Mikado Realtors Pvt Ltd had got a formal approval from the Commerce Ministry to develop a 25 acre SEZ for electronic hardware, IT/ITES in Gurgaon with a developable area of 3-3.5 million sqft.