Velankani to invest Rs.3 bn in tech park

October 21st, 2008 - 9:42 pm ICT by IANS  

Chennai, Oct 21 (IANS) Velankani, an affiliate of AIG Global Real Estate, Tuesday said it will invest Rs.3 billion in the Velankani Tech Park, a notified special economic zone (SEZ), in Tamil Nadu’s Sriperumbudur area. “The proposed development of 8.5 million square feet is aimed at providing `plug-and-play’ space for at least 20 electronics hardware and telecom component manufacturers and IT/ITES (IT enabled services) companies to commence operations in a seamless manner in this industrial hub,” Velankani director Kiron Shah said.

“All basic infrastructure will be provided by Velankani to meet tenant requirements including future expansion. AIG Global brings tremendous experience in development of industrial parks worldwide and we hope to augment the burgeoning industrial growth in the state by partnering the global giant’s experience,” Shah added.

“This investment is a statement of AIG Global’s continued commitment to India and our investors,” AIG Global Real Estate India managing director Rajesh Agarwal said.

Sriperumbudur, an industrial hub, is 50 km west of Chennai.

AIG Global owns, manages, or has under-development approximately $25.7 billion in assets of all property types located in over 50 countries, according to a company release.

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