Miracle setting up Rs 400cr township

Miracle Software Systems, Inc, promoted by non-resident Indian (NRI) Prasad V Lokam, is setting up an integrated township in Miracle City at an investment of Rs 400 crore.

Miracle City, owned and operated by Miracle Software and its subsidiaries, is located at Bhogapuram in Vizianagaram district, about 50 km from Visakhapatnam.

"We have already invested Rs 50 crore in the project, including Rs 5 crore in purchasing land where we have built buildings with 2 lakh square feet space and hostels to provide accommodation for 400 people," Prasad said.

Currently, 250 two-three bedrooms flats are under construction. The company would invest Rs 350 crore through internal accruals.

The project's main objective is to develop an integrated township with all modern facilities, including world-class educational institutions and recreation zones, Prasad told Business Standard.

Miracle City, which houses a software export unit and a call centre, has about 600 software professionals and is spread over 800 acres. The company is targeting to provide accommodation for about 10,000 people by 2010 and job opportunities for an equal number.

"In 2005-06, our software exports from here were worth Rs 12 crore and we are expecting the figure to reach Rs 25 crore this year," he said.

The company plans to add 1,000 more professionals for its Indian operations. Its turnover through US operations for 2005-06 was about Rs 160 crore.

Miracle Software, which has offices in the US, Australia, UK, Singapore, Canada and India, is planning to enter the Chinese market soon.

"In the second phase, we will take up construction of Miracle Institute of Technology and an international school. The institute will offer courses in computer sciences, IT and bio-technology. Apart from regular subjects, the school will provide world-class training facilities for cricket, tennis and chess. The company will import latest equipment from the US and other countries for its sports facilities," Prasad said.

The company has also set up a dairy at Miracle City to cater to the needs of its residents.

In the third phase expansion, it plans to build a beach resort with golf course at a cost of Rs 18 crore. "In the later stage, we have plans to set up a granite unit and a shopping mall," he said.