PS Group to set up $80.44 mn IT park in Sri Lanka

June 12th, 2008 - 11:41 am ICT by IANS  

Kolkata, June 11 (IANS) City-based Real estate major PS Group has embarked on its first international project by setting up a joint-venture (JV) with Sri Lanka Institute of Information Technology (SLIIT) and Infinity Park Ltd to develop an IT park in Sri Lanka. PS Group chairman and managing director Pradip Chopra Wednesday said the company will invest $80.44 million for the project. The IT Park will be developed over an area of 1.6 million square feet and will provide employment to around 20,000 directly and 80,000 indirectly.

“This is a bold move by the company. The joint venture is a unique strategy that a company can adopt to move ahead in the market,” Chopra said.

The company Wednesday also launched a book on property development to enhance property retention and expansion in India.

Chopra, stressing the importance of JVs, said: “Almost all of our projects are done in a JV pattern. We have done largest number of JVs in India.”

PS Group has developed 25 projects between 2004-06.

“With the average salary level rising every year, the profile of the home buyers is changing drastically,” he said.

Chopra added: “The investors in real estate market will get tremendous returns in the coming days.”

He confirmed that the company at present has over 50 projects in hand. The other upcoming JV projects include one shopping mall and residential complex in Coimbatore, an IT special economic zone (SEZ) in Chandigarh and a service sector SEZ in Hijenwadi, Pune.

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