| Singapore-based Ascendas, a company into business space solutions, today announced a partnership with Maharashtra Industrial Development Corporation (MIDC) and Maharashtra Airport Development Authority (MADC) to develop IT parks in Nagpur and Pune respectively. |
| The company is expected to invest close to Rs 1,625 crore to develop these parks in phases over the next 5-7 years. |
| Both these projects are located within Government "� promoted and approved SEZ areas. |
| The parks are expected to generate a total of 7 million square feet of IT space with employment opportunities for a working community of over 70,000 people upon final completion. |
| In Pune, Ascendas and MIDC will jointly develop a 2.5 million square feet IT park spread over 25 acres in Phase 3 of the Rajiv Gandhi InfoTech Park in Hinjewadi. |
| The park will be developed in five phases. The first phase comprising 5,00,000 square feet will commence in the second quarter of 2007 and is expected to be completed by mid-2008. |
| Upon completion, this phase is expected to generate employment for about 5,000 IT & ITES professionals. |
| Similarly, in Nagpur, Ascendas and MADC will jointly develop over 4.5 million square feet of IT space on a 63 acre area site within the Multi-modal International Hub Airport (MIHAN). |
| The Park will progress in six phases. Construction of the first phase comprising 5,00,000 sq. ft. is also expected to begin in the second quarter of 2007, for completion within 18 months. |
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