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Vanenburg IT Park to start work on Rs 30-cr expansion
R Ravichandran
Hyderabad: Following the success of its first phase, Vanenburg IT Park Limited (VIPL), proposes to commence the second phase of operations in Hyderabad, to provide a space of about 2,40,000 sq ft at an investment of Rs 30 crore, soon. Promoted by the Netherlands-based Vanenburg group of Baans, VIPL is engaged in the business of investing in the start-up IT ventures and support them in technology, R&D and life cycle products. Further, to give a fillip to the additional infrastructure facilities, the company has plans to float a separate incubation fund for India in next three to four months' time, S Ramanathan, managing director, Vanenburg business - IT Solutions, told The Financial Express. The second phase will cater to the requirements of the Vanenburg group apart from other interested companies, Mr Ramanathan said adding, that keeping in mind the expanding business opportunities both in India and abroad, the staff strength would be increased to 700 from 250 in two years' time. "This additional spacefurther fulfills the group's vision for balanced economic development, social growth, cohesion and environmental sustainability," Mr Ramanathan said. On completion of Phase II, the Vanenburg IT park will have a total built up area of 5,20,000 sq ft, involving a total investment of Rs 110 crore. The campus will accommodate 3,400 professionals from software industry in it, he said. The first phase houses companies like Baan, Delloitte & Touche, Orillion and Surgical Information System, he said. To meet the additional project cost of the second phase, the company plans to raise funds from ICICI to the tune of 80 per cent of the project cost. "We expect to sign the deal within 10 days," Mr Ramanathan said adding, that the balance funds would be raised through rental income from the first phase. The project is being executed by Vanenburg IT Park Ltd, a company floated to maintain infrastructure and other facilities.Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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