The Hindu : Business : Marg plans mega infrastructure project

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Friday, Feb 08, 2008
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Marg plans mega infrastructure project

Staff Correspondent

To invest $400 m; size of the project will touch $1 b in five years

CHENNAI: Marg Ltd., formerly Marg Construction Limited, plans to invest $400 million on a mega infrastructure project — Marg Swarnabhoomi.

Addressing a press conference here on Thursday, G. R. K. Reddy, Chairman and Managing Director, said the project would be located off the East Coast Road, at Cheyyur Taluk near Chennai. It would be spread over more than 1,000 acres, which would include two notified special economic zones for multi-services and engineering sector, including auto ancillaries.

Mr. Reddy said Marg had floated a special purpose vehicle (SPV), New Chennai Pvt Limited. This SPV would invest in excess of $400 million in the project. The total size of the project would touch $1 billion over the next five years.

The Marg group has purchased in excess of 1,000 acres outside the SEZ for the wholesome development of this zone. The two SEZ projects, covering 612 acres, would house light engine services on 312 acres and multi-services companies on 300 acres. The housing units would come in 172 acres and the balance would have other amenities, he said.

The project would complete 30 million sq. ft. in three phases. It would complete the infrastructure facility for light and engineering services in Phase-I, which would be completed by December 2009.

The entire project would be completed by 2014. Basic infrastructure for the SEZ projects was planned to be completed by 2009. The project was surrounded by the Cheyyur swamps, said Mr. Reddy.

Marg Swarnabhoomi, he said, had been designed to international standards by the U.S.-based architect, HOK. It would be a planned city with all facilities for the residential units such as sewage treatment and desalination plants. Social infrastructure would include educational institutions, shopping malls and hospitals.

Mr. Reddy said the project would generate employment for over one lakh people once the SEZ was fully developed.

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