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Leveraging the impressive IT growth and investment climate at Infopark, the Lulu Group has decided to invest ₹350 crore to further develop the L&T Tech Park, which they recently acquired for ₹150 crore.
Infopark has become a perfect destination for investment. The Lulu Group, owned by NRI businessman MA Yusuf Ali, had acquired the L&T Tech Park at Infopark campus. Lulu is proposing a name change for L&T Tech Park as Lulu Tech Park Limited on ROC approval.
Currently, L&T has a four lakh sqft IT building called Tejomaya in its 7.44 acre campus at Infopark.
After the acquisition, the Lulu group is proposing an investment of ₹350 crore to build another nine lakh sq ft of IT space. Within a week, they will be submitting the proposal before the Single Window Board and the Ministry of Environment (MoE) for clearances. The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years.
The project, on completion, is expected to create an additional employment of 13,000 to 15,000.
The second phase of Infopark Kochi has been attracting major players and already six companies have signed deals to develop IT campuses in the 160-acre project.
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