Americorp arm to set up tech park in Chennai

India Land and Properties Ltd, part of a global proprietary investment management company called Americorp, has announced that it would be building 2.5 million sq ft Chennai Tech Park on 10 acres of land at Ambattur Industrial Estate with a total investment of Rs 375 crore.

Salai Kumaran, director and chief operating officer, India Land, said that the park would be an 'intelligent information technology (IT) Park' encompassing futuristic features bench-marked against the best buildings worldwide.

The features would include separate utility service building, car parking facility for about 1400 cars, integrated fire protection and fire alarm system and sewerage treatment plant for 100 per cent recycling with zero wastage, among others, besides energy efficiency and eco-freindly features matching Gold rated green building norms.

Designed specially for IT and IT-enabled services companies, the Chennai Tech Park wiill have a total of 17 floors including 3 levels in the basement and 14 upper levels involving a total built up area of 2.5 million sq ft. The first phase with about 1.4 million sq ft is expected to be ready by July 2007 and the final phase by December 2007.

Asked about the funding, he said that about Rs 125 crore would be pumped in by Americorp and the remaining amount of Rs 250 crore would be funded through bank loans. The company has already achieved financial closure for the project, he added.

Chennai Tech Park will be the first infrastructure project in the country for India Land, which also plans multiservice special economic zone over 600 acres in Tamil Nadu and a couple of other projects in other states.