Tata Housing to invest Rs 1,000 cr in Ahmedabad township

Mumbai, Jan 13 (PTI) Tata Housing today signed anagreement with the Gujarat Government to investment Rs 1,000crore for developing a township in Ahmedabad on a public-private partnership model (PPP).

The agreement was signed on the second day of theVibrant Gujarat Summit at Gandhinagar, Tata Housing ManagingDirector and Chief Executive Brotin Banerjee told PTI here.

"The proposed project, which would be a township andmay involve one or multiple projects, needs many clearancesfrom the state administration and we hope to get them in thenext two months. The project, to be developed on PPP model,would in the affordable housing segment," he said.

On the project completion and the type of the housing,he said, it will take at least three-four years for completionand it would be in the affordable (Rs 10-20 lakh, 2-3 BHKunits) range.

On the increasing focus of the Tata Group in Gujarat,he said the state offers one of the best investment climatesin the country today. Moreover, the state administration isvery proactive when it comes to private sector investment.

"In fact, we have been looking at entering Gujarat forsome time now, but one way or other, it never materialised.

The Vibrant Gujarat summit just enabled it."

The USD 73-billion Tata Group, the country''s largestindustrial house that straddles from salt to software, hasalready pumped in Rs 30,000 crore in Gujarat. The recent highprofile investment was by Tata Motors at Sanand near Ahmedabadto roll out the world''s cheapest car, the Nano.

At the summit yesterday, Tata Motors had signed a pactwith the state for rural transportation. (more) PTI BENRSY