Realty major PS to tap FDI for Rs 9,000-cr IT SEZ plan

The PS Group, a Kolkata-based real estate major, is tapping foreign direct investment (FDI) in a big way to fund a Rs 9,000-crore outlay on three special economic zones (SEZs) for IT.

Written by Economy Bureau

November 28, 2007 00:00 IST

The PS Group, a Kolkata-based real estate major, is tapping foreign direct investment (FDI) in a big way to fund a Rs 9,000-crore outlay on three special economic zones (SEZs) for IT. Pradeep Kumar Chopra, chairman and managing director of PS Group said, ?We are setting up three IT-SEZs in Chandigarh, Raipur and Kolkata apart from an IT park through a joint venture with the Srijan group.?

The investment for each of the 250-acre SEZs, to come up over the next three years, will be Rs 3,000 crore. FDI would account for a substantial part of the funding. ?We have already signed deals with two foreign companies, one of them in Singapore,? said Chopra. The FDI in the projects is likely to go up to the government limit of 75%.

Director SK Dugar said, ?We are looking for partners in the US and the UK. We would also look at tapping the market next year.? The group is developing an IT park with an investment of Rs 100 crore at Sector V in Salt Lake. The LEED-gold rated green building, covering 500,000 sqft, will have workspace for 5,000 professionals.

The group has created 25-lakh sqft of commercial space apart from 5,000-odd apartments so far, and is also doing projects in Chennai and Coimbatore.

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