John

Asia's one of the leading business space solutions provider, Ascendas, recently announced plans for two major business parks in Maharashtra.

The projects comprise of joint ventures with government agencies. A partnership with the Maharashtra Industrial Development Corporation (MIDC) for an IT Park in Pune and a second joint venture with the Maharashtra Airport Development Company (MADC) for an IT Park in Nagpur. Both these projects are located within Government-promoted and notified IT SEZs.

Ascendas expects to invest some Rs 1,625 crores (US $375 million) to develop the parks in phases over the next 5 to 7 years, depending on market needs. The parks are expected to create a total of 7 million square feet of top-end IT/ITES space with employment opportunities for a working community of over 70,000 people upon final completion.

Ascendas will introduce the iconic International Tech Park (ITP) branding into Maharashtra. To be named International Tech Park Pune (ITPP) and International Tech Park Nagpur (ITPN), these world-class Parks will benefit from the strong branding and hallmark of high quality standards attached to similar Ascendas IT parks in Bangalore, Chennai and Hyderabad as well as in other parts of Asia. In Pune, Ascendas and MIDC will jointly develop a 2.5 million sq ft IT Park spread over 25 acres in Phase III of Rajiv Gandhi Infotech Park in Hinjewadi. In Nagpur, Ascendas and MADC will jointly develop over 4.5 million sq ft of IT/ITES space on a 63-acre area site within the Multi-modal International Hub Airport (MIHAN).

Ascendas develops IT Parks and hi-tech buildings, as well as Built-to-Suit and Ready-Built Facilities. Starting with the landmark International Tech Park Bangalore (ITPB), Ascendas has followed on its success with Cyber Pearl and The V in Hyderabad, and International Tech Park Chennai (ITPC). Ascendas is also developing Cyber Vale, an IT Park within Mahindra World City in Chennai. In June 2007 Ascendas launched the Ascendas India Development Trust (AIDT), a private development fund focusing on integrated property development projects. The Ascendas India Trust is Singapore's first listed Indian property trust.

News Source: HT - 09 Aug'07