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Our Bureau

Hyderabad, July 17 Maytas Properties Ltd has announced the launch of its first IT/ITES Special Economic Zone (SEZ), with an investment of Rs 2,500 crore, at Bachupally on the outskirts of Hyderabad.

The company has also signed up the first client, Wells Fargo India, a wholly-owned subsidiary of US-based financial services company, Wells Fargo & Co.

The client would occupy a fourth of the total 60,000 sq ft ‘Incubation Space’ that Maytas Properties has created initially, said Mr K. Thiagarajan, Chief Executive Officer.

The SEZ will be spread over 74 acres and will have a total built-up area of eight million sq ft.

It would be developed in 4-5 phases. The first phase, with 1.3 million sq ft would be ready by October-December, 2009, he told newspersons here on Thursday.

The funds would be raised through debt-equity route. Already, Maytas Properties has raised private equity funds of Rs 600 crore for four projects, the SEZ being one of them, he explained.

It has been designed by New York-based architects Skidmore Owings & Merrill (SOM), who designed the Sears Towers, Chicago, said Mr Sanjay Chawla, Business Head (Commercial & SEZ).

The SEZ, which would be walking distance from the Maytas Hill County, a large integrated township, which is ready for occupation, is also Green rated by the Green Building Council, he said.

“We want to promote the ‘Walk to Work’ concept with the SEZ. Also, Maytas is planning two more SEZs at Gopannapally and Mysamguda (total of 75 acres), where it will build nine million sq ft and also have adjoining residential spaces,” said Mr Thiagarajan.

Asked about the impact of the slow down in the IT and realty sector, Mr Thiagarajan said, “Our discussions with IT leaders has given us enough confidence that Hyderabad remains hot with its many advantages. The growth of IT/ITES in India was also good”.

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