MUMBAI: IST has said it will form a wholly owned subsidiary in order to set up a Special Economic Zone in Gurgaon which will cater to the IT sector. At its meeting held last month, the board approved the proposal to incorporate a subsidiary to set up the SEZ, which would cater to the IT or ITeS sector, the company informed the Bombay Stock Exchange. The Haryana-based company has also received the board's nod for acquiring 50,000 equity shares of Neil Builders, following which it would become a wholly owned subsidiary of IST.