Mantri Realty to set up IT/ITES SEZ near Nagpur

Nagpur, Oct 18 (UNI) The Mumbai-based Mantri Realty Ltd will set up an information technology (IT) and information technology enabled services (ITES) special economic zone (SEZ) near the city.

Speaking to reporters here today, chief executive officer (CEO) R M Lavale said the 40 lakh square feet SEZ would be constructed on 44 acres of land at Butibori, about 30 kilometres from here, and the project was expected to be completed in 5 years.

The first phase of the project, consisting of 2 buildings with 2 lakh square feet of floor space, would be completed within 18 months, he said.

Mantri Realty Ltd chairman Sunil Mantri would perform the foundation stone-laying ceremony of the project at the site at Butibori on October 20, Mr Lavale said.

The project would be implemented through the company's 100 per cent subsidiary Suyog Realtors Ltd, he said.

Several companies, including those from India and Europe, have evinced interest in acquiring space in the Butibori SEZ, he said, but declined to reveal the names.

Replying to questions, Mr Lavale said the company has planned to set up another IT park in the SEZ under the ambitious Multi-Modal International Air Passenger and Cargo Hub at Nagpur (MIHAN) project, and has asked for 50 acres of land for the same.

Besides, he said, the company has also planned to construct a residential township over 400 acres of land adjacent to the MIHAN SEZ, and was in the process of acquiring land for the same.

The company has also entered the power sector and is setting up a 540 megawatt (MW) coal-fired thermal power plant at Bela near the city at a cost of Rs 2,400 crore, Mr Lavale said.

Power from the plant would be used for the Butibori IT/ITES SEZ also, he said, adding, the company plans to come out with an initial public offering (IPO) within the next three months.

UNI