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Our Bureau

Chennai , May 18

The VGP Group on Thursday signed a joint venture agreement with the Shanaya Group of Singapore to set up the VGP Digital China Square project.

Under this project, an exclusive IT shopping mall retailing branded electronics goods from China, Malaysia, and Dubai, will be set up at Anna Salai in Chennai.

The existing VGP Victory House, a shopping complex, will house the project and post-development will be renamed as VGP Digital China Square.

The Shanaya Group has invested around Rs 100 crore in the project while the VGP Group has provided 40,000 sq ft of development space, said Mr Mgm. Ansari, Chairman of the Shanaya group.

One-stop mall

The project is poised to be the first IT shopping mall in Chennai, promising to be a one-stop mall for branded computers, laptops, mobile phones, software, and IT-related stationery, according to Mr V.G. Santhosam, Chairman of the VGP Group.

The square will resemble a traditional Chinese home and will house a Chinese restaurant apart from the proposed 50 retail outlets.

"We expect the project to be completed by July. But space is available for immediate occupation on long-term lease," said Mr Santhosam.

He added that the joint venture group would undertake all future advertising and publicity related to the Square.

The Shanaya Group is engaged in the development and completion of projects and plans to invest about Rs 500 crore in India this year.

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