Unitech to raise Rs 3,100 cr, to set up IT SEZ

TIMES NEWS NETWORK[ WEDNESDAY, NOVEMBER 29, 2006 10:30:38 PM]

KOLKATA: West Bengal appears to be a hot investment destination for
Delhi-based real estate major, Unitech Ltd. The company, which on
Wednesday announced plans to raise £360 million (Rs 3,100 crore), has
decided to set up an IT SEZ (special economic zone) in the state.

A major slice of the funds will also be used for developing four IT SEZs
and an IT Park in the National Capital Region (NCR). When contacted,
Writers’ Buildings sources told ET, “Unitech’s proposed IT SEZ will come
up in Rajarhat for which it has applied for 50 acres. It also plans to
create an additional 4.5 million sq ft of IT workspace in the state.”

However, the company remained tightlipped about its proposed IT
investments in West Bengal. When contacted, a Unitech source said “we
cannot comment on any investment plans as it is our silent period”.

At present, Unitech is setting up the Uniworld City, a residential
complex over 100 acres at New Town along with joint venture partner,
Universal Success of Indonesia. The Rs 3,000 crore real estate venture
has been designed by RMJM, UK-based architecture and landscaping firm.

The real estate major is also involved in major infrastructure
development in the state. It has joined hands with the Indonesia’s Salim
Group to develop a 10,000 acre chemical SEZ and a 12,500 acre
multi-product SEZ in the state. Unitech, Salim and Universal Success
have floated a new company-New Kolkata International Development Pvt Ltd
- to implement these projects.

New Kolkata International Development is setting up an eastern highway
link which will be a four-lane expressway between Barasat Bypass and
Raichak. The other infrastructure projects Raichak-Kukrahati bridge and
Haldia-Nandigram bridge.

On Wednesday, Unitech announced its plan to float a new real estate
investment firm, Unitech Corporate Parks Plc, in the Isle of Man and
plans to list it on the London Stock Exchange’s Alternative Investment
Market (AIM) with an institutional placement of its shares.

Unitech Corporate Parks which intends to invest in the Indian commercial
real estate sector, said in a regulatory filing that the offer size is
expected to be about £360 million ($700 million).

http://economictimes.indiatimes.com/articleshow/641552.cms