India Land & KGISL to invest Rs 3,200 mn

Chennai: India Land Ventures Ltd (ILVL), an associate company of Americorp Group of Spain along with KGISL (part of Rs 3,200-crore KG group of Coimbatore), has announced the launch of ‘India Land KGISL Tech Park’ in Coimbatore.

Both the companies would be investing Rs 320 crore towards this project. While ILVL will be investing 70 per cent of the project cost, the rest will come from KGISL.

Announcing the launch, the Managing Director KGISL, Mr Ashok Bakthavathsalam, said the IT tech park, coming up in Saravanampatti - about 12 km from Coimbatore airport, would have 1.8 million sq feet of space, tailor-made for the requirements of IT and ITES companies.

Built in 11.74 acres, which is parcelled out of the 150-acre IT/ITES special economic zone - Coimbatore Hi-tech Infrastructure Private Ltd (CHIL), the first block of India Land KGISL Tech Park comprising 3.4 lakh sq ft of floor space would be ready for fit out by July. The second block of similar size could be occupied from November, he said. The remaining space would be operational by June 2009, he added.

The Chairman of Americorp Group, Mr Harish Fabiani, said the combined benefit of SEZ, Tier 2 city and efficient building would attract top Indian IT companies. This would help companies to keep costs under control, he added.