European Technology Park approved in Haryana for Rs 1448 cr

Chandigarh, June 5 (UNI) The Haryana Investment Promotion Board (HIPB) has accorded its approval in principle for setting up a Rs 1448 crore European Technology Park spread over 500 acres in Manger village in Faridabad district or ''any other suitable location''.

The decision was taken in a meeting of the HIPB presided over by Chief Minister Bhupinder Singh Hooda here last evening, an official spokesman said today.

The Chief Minister said the main objective of setting up the project was to attract the European companies to establish their high-end research development related activities in the field of bio-technology, engineering, finance, pharma and other scientific areas.

The project, he said, would bring Foreign Direct Investment (FDI) to the tune of 80 per cent of the total investment in the state.

The project would have different zones such as commercial zone, residential zone, academic zone, entertainment zone and facilities zone.

Financial Commissioner and Principal Secretary (Industries) P K Chaudhary said about two lakh persons would get direct and indirect employment opportunities with the setting up of this project and it would be implemented in two phases over a period of seven years.

A Statement of Interest (SOI) had already been signed in this regard between the Haryana State Infrastructure and Industrial Development Corporation (HSIIDC) and the Dutch Haryana Business Consortium (DHBC) on October 10, 2006 at Amsterdam in Netherlands.

He said the Board had accorded the approval that the project would be set up through a Special Purpose Vehicle to be jointly incorporated by the HSIIDC and the DHBC. The HSIIDC would get Sweat Equity equivalent to 10 per cent of the shareholding in the project.

Finance Minister Birender Singh, Industries Minister Lachhman Dass Arora, Chief Secretary Prem Prashant, Principal Secretary to Chief Minister M L Tayal, HSIIDC M D Rajiv Arora and Director (Industries) D R Dhingra were also present on the occasion.

UNI