 "Lulu to invest Rs 350 crore to develop L&T Tech Park")
Leveraging the IT growth and investment climate at Infopark here, the Lulu Group has decided to invest Rs 350 crore to further develop the L&T Tech Park, which it recently acquired for Rs 150 crore.
The 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 Registrar of Companies approval.
Currently, L&T has a 400,000 sft IT building called Tejomaya on its 7.44 acre campus at Infopark.
“After the acquisition, the group is proposing an investment of Rs 350 crore to build another 900,000 sft of IT space at Infopark. Within a week, we will be submitting the proposal before the Single Window Board and Ministry of Environment for clearances. The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years,” he said.
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.
The 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 Registrar of Companies approval.
Currently, L&T has a 400,000 sft IT building called Tejomaya on its 7.44 acre campus at Infopark.
“After the acquisition, the group is proposing an investment of Rs 350 crore to build another 900,000 sft of IT space at Infopark. Within a week, we will be submitting the proposal before the Single Window Board and Ministry of Environment for clearances. The construction is expected to start by October 2015 after getting clearances. The project is expected to be completed within three years,” he said.
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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