TCG to invest Rs 2,500-mn in IT project

Kolkata: TCG Real Estate, a part of The Chatterjee Group promoted by Purnendu Chatterjee, is planning to take up an IT park project at Sector V, near the Salt Lake area, with an investment of around Rs 250 crore.

The entire project, would be spread over 11 lakh square feet and split in two phases, and is slated to be completed by 2012.

TCG was also exploring the possibility of executing similar projects in places like Siliguri and Rajarhat, said Himon Sanyal, head, business development, TCG Real Estate.

The project, to be launched in the latter half of the year, would be funded through internal accruals, he said.

In the first phase of the project, around 6 lakh square feet area would be developed, with ground floor dedicated to retail space.

TCG Real Estate, which has a presence in about eight cities across India, has a tie-up with the US$ 25 billion US-based Vornado Realty Trust for partnering its large format projects like special economic zones (SEZs).

Biotech Park park in Pune, World Trade Centre in Delhi and Bengal Intelligent Park in Sector V, near Kolkata, are some of the major projects of TCG.

The company has a landbank with capacity to develop US$11 .1 million sq feet of projects.