BackSupertech diversifies into education with `750 crore investment
The company plans to open a multi-disciplinary university in Uttarakhand
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New Delhi: Real estate developer Supertech Ltd said on Thursday that it was diversifying into higher education with plans to open a multi-disciplinary university in Uttarakhand that would require an initial investment of ₹ 750 crore.
“We have been active in the state since 2006 and thought education could be a good area. The state government has given us a go-ahead but have told us to arrange everything including land on our own," chairman and managing director R.K. Arora told reporters.
He said the company had already acquired 47 acres of land in Udham Singh nagar district and would add up to 100 acres as the project progresses.
“For the first phase of development the investment would be around ₹ 750 crore," said Arora.
Arora said Supertech would raise the money from funds earmarked for corporate social responsibility (CSR) projects and other sources. “We will look at FDI (foreign direct investment) infusion also," he said.
The university will have 13 schools offering courses in engineering, liberal arts, law, management and architecture, among others. It will also provide skill education.
The university will reserve at least 25% of the seats for students from Uttarakhand.
Supertech is not the first real estate company to enter higher education. Ansal Properties and Infrastructure Ltd has already opened a university in Haryana.
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