Bangalore, Nov 26: The Hindujas owned Gulf Oil Corporation will make a foray into real estate in Karnataka by building an IT park in Yelahanka, on the outskirts of the city.
The company in a release here said that the State Single Window Agency had cleared a proposal to build a state-of-the-art mixed use It park on a 40 acre plot. The It park would also provide Hotel/Services apartments, retail chains, multiplexes and other facilities.
The approved Master Plan, prepared by the Indian arm of Singaporean Architects, M/s. RSP Architect Planners and Engineers Limited, was for a total area of five million sq. ft. and located seven km from the new Bangalore International Airport coming up at Devanahalli.
The release said the Park would provide full facilities needed by Knowledge Industry players. The actual development of the Park would be jointly done by GULF OIL Corporation Limited ( GOCL ) and Asia Properties Development Ltd. ( APDL ), the Hinduja Group's property arm.
GULF OIL Corporation had also announced the development of a Knowledge City at Hyderabad spread over 100 acres. This plan had been conceptualised and necessary approvals sought from the Government of Andhra Pradesh. The development would be of bigger magnitude and would be of futuristic nature considering the importance of India as a global destination, the release added.