Ascendas to develop 2 IT Parks in Maharashtra at USD 375 mn

Mumbai, Apr 18 (UNI) Ascendas, one of Asia's leading business spaces solutions providers, today announced plans for two major business parks in Maharashtra with an investment of US 375 million dollars.

The announcement was made after the signing of agreements with Maharashtra Industrial Development Corporation (MIDC) and Maharashtra Airport Development Company (MADC).

The agreement was signed by Ascendas Private Limited president and CEO Chong Siak Ching with MIDC chief executive officer Rajiv Jalota and MADC vice president Harhswardhan Gajbhiye.

The company, in association with MIDC, would develop an IT park in Pune, while another IT Park would be developed with MADC in Nagpur.

Maharashtra Finance Minister Jayant Patil and Singapore Minister of State for Trade and Industry S Iswaran were present on the occasion.

Speaking on the occasion, Mr Patil said Maharashtra which is a leading industrialised state, will have another major achievement with Ascendas' plan to invest here.

Mr Iswaran said Singaporean businesses have been increasingly involved in Maharashtra's development. These two IT Parks are the key planks in Singapore's expanding linkage with India, he added.

The parks are expected to get completed in phases over the next five to seven years. The company would have a major share in both the parks. In Pune park, Ascendas will have the investment up to 74 per cent, while in Nagpur it would be 89 per cent.

The parks are expected to create a total of seven million square feet of top-end IT space, with employment opportunities for over 70,000 people.

The company will introduce an iconic International Tech Park (ITP) branding into Maharashtra, to be named International Tech Park, Pune (ITPP) and International Tech Park, Nagpur (ITPN), Ms Ching said.

In Pune, Ascendas and MIDC will jointly develop 2.5 million sq ft of IT Park, spread over 25 acres, in phase I of Rajiv Gandhi Infotech Park at Hinjewadi. The Park's first phase of construction will commence in second quarter of the financial year and will complete by mid-next year.

In Nagpur, the company and MADC will jointly develop over 4.5 million sq ft for IT space on 63 acre area and it will take 18 months for completion after its starting in second quarter of the year, she added.

UNI