In a recent official statement released by the company, the Creative Infocity Ltd has announced that it is going to make an investment of Rs 500 crore within the next 2-3 years for the development of IT infrastructure in India. According to the statement, the company is planning to construct around 240 service apartments at Infocity, Gandhinagar with this investment, apart from setting up more Info Towers in the IT Park.
The industry sources have informed that the Creative Infocity is actually a special purpose vehicle (SPV) that was launched as a 89:11 Joint Venture company between the US-based Creative IT Inc and the Gujarat Informatics Ltd. While talking about the plans of the company in India, the Executive Director of Creative Infocity Ltd, Mr. Hiten Barot said, "While the upcoming special economic zones (SEZs) in Gujarat are viable only for mega IT companies, our IT Park has the first movers advantage and provides comprehensive IT infrastructure to any kind of company. We already have 40 clients based out of Infocity and are hoping to attract 50-60 more clients in the coming years. However, we may also set up an IT SEZ in the state, given the viability".
Mr. Barot informed that the company is currently having a land bank of 20 million sq. ft in India and it has already constructed the Info Tower-I and II. He added that the Info Tower-III is also likely to be constructed by the end of this month and the company is planning to begin the construction work on a fourth tower, along with around 240 service apartments, as well. He further said, "We are planning to build at least 480 service apartments of which work on 240 is likely to begin in May. We will be one of the first IT infrastructure companies to offer such a slew of service apartments, which had so far been a trend in the West only". Mr. Barot said that the company has already made an investment of around Rs. 100 crore so far on a 116-acre of land and it has got a return of Rs 40 lakh to Rs 50 lakh so far.
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| Posted : 3/21/2008 |
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