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Vascon-PPDL venture to invest Rs. 600 crore

COIMBATORE: Vascon Engineers Ltd., a Pune-based construction company, will invest more than Rs. 600 crore in two major projects here in a joint venture with the Pricol Property Development Ltd. (PPDL).

Announcing this at a joint press conference here on Monday, R. Vasudevan, Managing Director of Vascon Engineers, and Vikram Mohan, Director of PPDL, said a modern residential-cum-commercial project would come up on a 30-acre site off Avinashi road, at Neelambur, at an outlay of about Rs. 500-600 crore. It would have 500 apartments and 40 villas, with all modern infrastructural facilities, including a shopping plaza, a motel-cum-club, service apartments and a healthcare centre. At least five lakh sq. ft. of the constructed area would be devoted to facilities for IT-enabled services and offices.

Besides, a four-star 150-room hotel, aiming at business travellers, would come up 200 metres from the Coimbatore Airport at about Rs. 80-90 crore.

It was likely to be managed by an international chain but no operator had so far been finalised.

“We have already taken possession of the land,” Mr. Vasudevan said.

“The hotel is scheduled to start operations soon”.

The other project, awaiting approval, would be taken up in three phases and it would take four years for completion.

In the joint venture forged in April this year, Vascon and Pricol would have 70:30 equity respectively.

Mr. Vasudevan pointed out that this was the first point of entry of the company in South India and it would prefer Tier-2 cities to metros where the realty industry was in a far advanced stage.

“We have expertise in various spheres, including industrial, residential, IT, malls and multiplexes, hospitality and community.”

His company was committed to making a contribution to the long-term progress of Coimbatore and “we are definitely looking at more projects in Coimbatore”.

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