Ansal Properties to invest Rs3,600 cr in IT SEZ

Ansal Properties to invest Rs3,600 cr in IT SEZ
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First Published: Wed, Aug 20 2008. 01 47 PM IST
Updated: Wed, Aug 20 2008. 01 47 PM IST
PTI
New Delhi: Real estate firm Ansal Properties and Infrastructure will invest Rs3,600 crore for developing a 270-acre IT Special Economic Zone and parks in the country.
“The proposed 270 acre SEZ would consist of an IT zone, commercial zone, residential zone and a recreational area,” a statement issued by Ansal Properties said.
“These SEZ are aimed at growing IT and ITES companies who are choosing to set up centres in adjoining area of Tier I cities in view of global economic pressure to reduce costs and maximise returns,” Ansal API Vice-Chairman and Managing Director Pranav Ansal said.
The company developed IT SEZ and IT Park would be branded as ‘The Campus´ and ‘Net City´ respectively, it added.
Ansal Properties currently has approval for setting up IT or ITES SEZs in Greater Noida, Gurgaon and Mumbai.
“Construction for some of the projects has already commenced and they are expected to be completed in the next 5-7 years,” the statement added.
Last month the company had announced an investment of Rs900 crore for developing an engineering-based SEZ at Sonepat in Haryana.
On the Bombay Stock Exchange afternoon trade shares of Ansal Properties were trading at Rs107, up 1.57%.
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First Published: Wed, Aug 20 2008. 01 47 PM IST