Following the overwhelming response to its earlier two cyber projects - Cyber Towers and Cyber Gateway - L&T Infocity has roped in Singapore-based $700 million Ascendas Pte Ltd to set up a Rs 180 crore-mega IT complex called Cyber Pearl in Hitech City near Hyderabad.

Andhra Pradesh chief minister, N Chandrababu Naidu and Singapores minister of national development, Dr Vivian Balakrishnan, jointly laid the foundation stone for the mega project here on Thursday. A 50:50 joint venture company called L&T Infocity Ascendas Pvt Ltd has been floated to take up the project.

Bill Gates To Inaugurate Cyber Gateway

The chairman of Microsoft Bill Gates is being asked to inaugurate the second project of the L&T Infocity - Cyber Gateway, during his visit to Hyderabad next month. The AP chief minister N Chandrababu Naidu is expected to ask the chairman of the software major to officially inaugurate the 1.2 million sq ft Cyber Gateway, when Bill Gates visits the Cyber City during the second week of November.

Cyber Pearl will be developed in two phases with a total area of 500,000 sq ft of business space on five acres of land. The first phase of 250,000 sq ft would be completed in the next 15 months and the next phase will commence immediately thereafter. The seven-storey building, to be provided with ample parking space, will have all necessary infrastructure like bandwidth and data communication facilities. By adding another 5 lakh sq ft to the existing 1.6 million sq ft (of Cyber Towers and Cyber Gateway), the total area of Hitech City would be a little over 2 million sq ft. L&T Infocity has altogether put in over Rs 450 crore in these three projects.

When fully completed, Cyber Pearl is expected to house a workforce of 5,000 employees by the software design houses, call centres, and other IT enabled service (ITES) companies.

The new project will add further value and business sense to make Hyderabad the IT Capital of India in the years to come, Mr Naidu claimed. Hyderabad is witnessing an average of 90 per cent CAGR in the IT sector over the last six years.

Ascendas Pte Ltd president and chief executive officer Chong Siak Ching said,India is a market of great potential, particularly for the IT industries. This is an area where Ascendas can add value by offering high quality business space solutions.