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| QuarkCity seeks time extension for Punjab IT SEZ |
| Press Trust of India / Chandigarh Aug 04, 2009, 13:19 IST |
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QuarkCity India, the only notified Information Technology (IT) Special Economic Zone (SEZ) in Punjab, has sought time extension to the extent of three years from the centre to complete its product specific project in which it has invested Rs 300 crore.
"We have sought time extension (from the center) for the development of our SEZ project coming up in Mohali ...We seek at least three years more for its development," a senior company official said here.
Committed to the development of the project, the official said the decision for seeking more time was taken primarily in view of the sluggish market conditions and meltdown impact.
"It (Meltdown impact) is one of the reasons for demanding more time...But another point is that big infrastructure projects like ours take more time for completion," he said.
QuarkCity had proposed to invest a sum of Rs 500 crore for setting up an IT SEZ in Mohali spread over 13.75 hectares of land, which would generate direct and indirect employment of 27,500 post completion. The centre declared this project a notified SEZ in November 2006.
QuarkCity is now anticipating that the first phase of the project will be completed by the middle of next year instead of 2009.
"We are hoping to complete our first phase which includes developing 100,000 square meters of space by the middle of next year," he informed while adding, that the second phase of the project involving the creation of another 100,000 square metres will finish by 2012.
"We will provide our space to new IT companies on lease where they could come and commence their operations," he said.
The promoters of QuarkCity are also in the process of developing two more SEZs in Punjab, which involve an investment of Rs 1,669 crore and have received the formal approval from the centre for the same.
The company, which will be set up in Patiala district, has proposed to set up one engineering SEZ and a textile SEZ in a combined area of 200 hectares of land.
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