Chandigarh to formulate strategy to promote IT entrepreneurs

Bangalore, Oct 30 (UNI) The Chandigarh administration is liaisoning with Lightspeed Venture Capital Firm to formulate a strategy to promote promising Information Technology entrepreneurs and helping them set up viable IT companies.

Disclosing this to newspersons here, Chandigarh IT Director Manjit Brar said the administration was keen on setting up a venture capital fund at Chandigarh in association with a Silicon Valley-based partner to create a seed fund for IT entrepreneurs in the city, where the US partner would play the role of an angel investor. ''We are pledging all support to the leading IT companies and we see Chandigarh as the best IT destination in India with the world's best IT infrastructure,'' he added.

He said discussions were also on with Proxim Wireless, a global pioneer in broadband wireless networking systems to make Chandigarh WiMAX-enabled, whereby residents could access internet from anywhere in the city without cables.

Mr Brar said that with the Rajiv Gandhi Chandigarh Technology Park getting a Special Economic Zone status, there was heightened activity within the park. IBM was the first IT company to start its operations with 500 employees.

He said the park, inaugurated by Prime Minister Manmohan Singh last year, would have three phases and was expected to provide employment to 25,000 IT professionals on completion. The phase one involved an area of 123 acres where a state-of-the-art centre had been built for use by IT companies. IT majors like Infosys, IBM, Net Solutions and Tech Mahindra had started functioning from the centre.

The official said the phase two involved an area of 250 acres, wherein 125 acres would be earmarked for IT/ITeS companies. Tech habitat would have 123 acres, comprising 1,500 residential flats, service apartments, commercial centres, an ultra modern entertainment facility, a school, mono rail terminal and other amenities required for comfortable living. Acquisition process for development of the third phase on 270 acres had begun. It would be partly under SEZ and partly under the Software Technology Parks of India. On completion, the Park was expected to bring in an investment of Rs 5,000 crore, he added.

UNI SR GD GM1845