Ambuja Realty to invest Rs 500 crore in city IT park

Kolkata, May 24(UNI) Ambuja Realty Ltd will set up a Rs 500-crore IT park in the city, along with a 50:50 joint venture with Bangalore based RMZ.

Speaking to UNI, Ambuja Realty Chairman Harshvardhan Neotia said the company will start developing the two million square feet IT park within two years.

''We have just entered the agreement with RMZ and initated the project,'' he said.

Speaking about the company's plans about other retail projects, he said the company would also invest Rs 550 crore in retail projects in the city and various parts of the state.

''We will also expand our City Centre format to New Town in Rajarhat, Haldia, Siliguri and Raipur, with an investment of Rs 150 crore on an average for each project. However, the project cost for Haldia will be slightly less,'' he said.

Mr Neotia said the company was also interested in a hospitality project in the Sunderbans, provided ecological clearances were met.

''We will fund the projects with a mix of internal accrual or family sources and debts. There are no immediate plans to raise funds through stake dilution. This would only be considered in 2008,'' Mr Neotia added.

UNI