The Hindu Business Line : Ascendas developing two tech parks in Maharashtra

Stake details
In the Pune park, Ascendas will invest 74 per cent and MIDC the rest
For Nagpur project, MADC will hold 11 per cent and Singapore company 89 per cent
Both projects will together accommodate 70,000 people on completion

MEGA DEAL: (from right) Mr Rajiv Jalota, CEO, MIDC, with Mr Harminder Singh, Head-North & West India, Ascendas Pte Ltd, and Mr Harshawardhan M. Gajbhiye, Senior Vice-President, Maharashtra Airport Development Company Ltd, at the signing ceremony of the joint venture partnership in Mumbai on Wednesday. — Paul Noronha

Mumbai April 18 Ascendas, a Singapore-based business space solutions provider, said it would invest Rs 1,625 crore to develop two international technology parks in Maharashtra over the next seven years.

The parks will be developed in joint venture with Maharashtra Industrial Development Corporation or MIDC and Maharashtra Airport Development Company or MADC.

The two mega-projects will come up in Pune and Nagpur. On completion, the International Tech Park, Pune, and International Tech Park, Nagpur, will together accommodate 70,000 people. In Pune, 2.5 million sq. ft. of built up space will spread across 25 acres, to be completed in five phases. This park will be undertaken under Phase III of Rajiv Gandhi Infotech Park in Hinjewadi, at an investment of Rs 600 crore.

While the Singapore company will invest 74 per cent in this project, MIDC will be a 26 per cent equity partner, offering land.

Similarly for the Nagpur project which would be worth Rs 1,025 crore, MADC will hold 11 per cent of the equity, and Ascendas 89 per cent.

This project will consist of 4.5 million sq. ft. of built up space on a 63-acre site within the upcoming Multi-Modal International Hub Airport or MIHAN.

The first phase of construction for both the projects is expected to begin by mid 2007 and is likely to be completed by mid next year, Ms Chong Siak Ching, President and Chief Executive Officer of Ascendas Pte Ltd, told newspersons on Wednesday.

Power availability

Talking about availability of power for the projects, Mr Rajiv Jalota, MIDC's Chief Executive Officer, said the Corporation expects to meet the demand with a supply of 3,000 MW from power facilities in the Konkan and Vidarbha regions of the state, and 300 MW from captive power plants.

MIDC is also developing two power-specific Special Economic Zones. Around 1,250 MW would be assured from the two SEZs supplying 1,000 MW through coal-based plants in Bhadravati in Chandrapur district, and another 250 MW from gas-based plants in Usar in Raigarh.

Mr Jalota said MIDC has been assured power supply from the Dabhol and Uran-Dahej projects; in addition, power from other States will also be available to Maharashtra with the upcoming East and West Corridor, and with the expansion of power grids around the State.

About progress on the MIHAN project, Mr Harshawardhan M. Gajbhiye, Senior Vice-President, MADC, said: "The two important features of the project are the airport and the SEZ. Infrastructure development has already begun on the SEZ."

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