Bangalore: Mumbai-based Patel Engineering Ltd will invest Rs 2,025 crore to develop about 145 acres in Bangalore’s Electronic City area, in addition to an integrated township of about 103 acres coming up at the same location.
On Friday, on the second and final day of the Global Investors Meet (GIM) in the city, the company signed a memorandum of understanding (MoU) with the government of Karnataka that will facilitate the grant of permissions, registrations, approvals and clearances from public departments for the development.
The entire project should be up and running in about seven years, said Pravin Malkani, managing director, Patel Realty, a subsidiary of Patel Engineering. Patel Realty is developing the project.
Construction on the first 103 acres of the township, Neotown-Bengaluru South, started about two years ago. The project has residential space along with a large shopping mall, office space including an information technology (IT) park, a hospital and a school, said Malkani.
The Karnataka government secured about Rs.5 trillion in investment commitments on the first day of the second edition of GIM on Thursday. Nearly 400 MoUs were signed, and the projects are expected to generate jobs for about 1 million people in the state, Karnataka industries minister Murugesh Nirani said.