India's Embassy to build business park in Serbia

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BELGRADE, Sept 25 (Reuters) Indian property developer Embassy Group will build its first European business park in Serbia, its chairman Jitu Virwani said on Tuesday.

Virwani and Serbian Economy Minister Mladjan Dinkic signed a letter of intent for construction of the business park in the town of Indjija, 40 kilometres northwest of Belgrade.

Bangalore-based Embassy focuses on residential, retail and office property development.

The unlisted firm has built three business parks and has nine retail and office buildings, where tenants include Hewlett-Packard , Goldman Sachs and Microsoft .

Construction of the park should start in mid 2008 and in the first year 25,000 square meters of office space will be built.

The total cost is put at million.

''Thirty million will be financed by the Embassy Group while another 30 million dollars will be financed by the future tenants,'' Virwani told Reuters.

''We shall start talking to the companies we work with to convince them to come to Serbia,'' he said, adding that the company has already been in touch with IBM and Hewlett-Packard.

Serbia's Investment and Export Promotion Agency said if a large number of IT companies expressed interest to move their operations to Serbia, construction could continue over the next five years with the possibility to building 250,000 square meters of office space.

The overall value of the project would be 0 million.


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