XT Global Infotech announced that XTGlobal's wholly owned subsidiary i.e. Xenosoft Technologies (India) has obtained approval from Ministry of
Commerce and Industry Department of Commerce (SEZ Section) for Co-developer status for undertaking infrastructural facilities, leasing of office space in office building already constructed with a total area of 3,10,000 sft. and built up area of 1,60,000 Sft situated at Plot No 19, Hill No 3,
Madhurawada IT/ITES SEZ, Visakhapatnam for the authorized operations in accordance with the co-developer's agreement entered into with the developer M/s. APIIC subject to standard terms and conditions as per the SEZ Act. The company is waiting for receipt of formal letter of approval from the Authorities of Visakhapatnam Special Economic Zone.
Accordingly, Xenosoft Technologies (India) is going to get permission soon to lease out its unutilized office space to some other units for their operations in accordance with the executed co-developer's agreement. This approval will enable Xenosoft to explore options to generate non-operational leasing revenue of up to Rs 3.50 crore per annum for the group.
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