MUMBAI: Ascendas, the Singapore-based business space solutions provider, has announced plans for two major business parks in Maharashtra. The two projects are coming up as joint ventures with government agencies — a partnership with the Maharashtra Industrial Development Corporation (MIDC) for an IT park in Pune and a joint venture with Maharashtra Airport Development Company (MADC) for an IT park in Nagpur. Both projects are located within Government-promoted and approved Special Economic Zones (SEZs).

This is Ascendas' first expansion outside of south India and it expects to invest around Rs. 1,625 crore ($375 million) to develop the parks in phases over the next 5-7 years. It will be introducing the iconic International Tech Park (ITP) brand in Maharashtra. The two upcoming parks are to be named International Tech Park, Pune (ITPP), and International Tech Park, Nagpur (ITPN). Ascendas had already developed similar parks in Bangalore, Chennai and Hyderabad.

Addressing the media here on Wednesday, Chong Siak Ching, President and CEO, Ascendas Pte Ltd., said, "Ascendas will also bring in co-investors for the two projects but will remain the majority shareholder. We will have a 74 per cent stake in ITP Pune with MIDC's contribution of 26 per cent being by way of land. In ITP Nagpur, we will have an 89 per cent stake with 11 per cent remaining with MADC."

In Pune, Ascendas and MIDC will jointly develop a 2.5 million sq. ft. IT park spread over 25 acres in Phase-3 of Rajiv Gandhi Infotech Park in Hinjewadi. The park will be developed in five phases with the construction of the first phase comprising five lakh sq. ft. commencing in the second quarter of 2007. It is likely to be completed by mid-2008 and upon completion it is expected to generate employment for about 5,000 IT and ITeS (IT-enabled services) professionals.

The project at Nagpur will have Ascendas and MADC develop over 4.5 million sq. ft. of IT space on a 63-acre site within the Multi-modal International Hub Airport (MIHAN). The park will progress in six phases with the construction of the first phase comprising five lakh sq. ft. is expected to begin in the second quarter of 2007and it will be completed in 18 months thereafter. H. M. Gajbhiye, Senior Vice-President, MADC, said the Nagpur SEZ itself was expected to attract investments in excess of Rs. 25,000 crore.

"With these two new landmark projects in Pune and Nagpur, Ascendas has opened a new frontier in Maharashtra, India's most established manufacturing and services hub, to showcase the best features of our parks around Asia and set new benchmarks in Maharashtra's IT landscape. The two parks, when fully complete, will employ around 70,000 people. We continue to explore more destinations on our radar screen, among which are Chandigarh, Delhi, Jaipur and Kolkata," Ms. Ching said.

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