Mumbai, Aug. 29
KSL and Industries Ltd has ventured into the realty business and is developing an integrated township project - Empress City. The project will be spread over 25 acres in Nagpur.
According to Mr Saurabh Kumar Tayal, Chairman and Managing Director, KSL, "Nagpur is the seventh largest city in India with a population of over 40 lakh. Its significance from various angles makes strategic business sense for us."
The company sees much business potential with the international airport and the Butibori Special Economic Zone coming up nearby.
"Besides, Nagpur has a large agricultural community whose spending power has been growing of late," said Mr Tayal.
KSL is implementing this project through its subsidiary, Reward Real Estate Co. The company acquired the erstwhile Tata textile unit and it is developing the township at a capital outlay of Rs 450 crore. It has already spent Rs 100 crore.
The facility is likely to comprise a 3.5-lakh sq feet information technology park, a 300-room five star hotel, a shopping mall, multiplexes and 800 luxury residential apartments. There will also be facilities such as swimming pools, health clubs, jogging parks, playgrounds, indoor games complex, community halls, temple, emergency post, telecommunication facilities and video phones.