Ritesh, Ansal tie up for IT Park, housing in Ludhiana

Ritesh Industries, a talc making firm, has tied up with Ansal Properties and Infrastructure (API) to set up an information technology park cum housing project in Ludhiana.

The two firms will invest Rs 800 crore in the project spread over 42 acres. The project will be launched next month.

The project is coming up on the Ludhiana-Chandigarh road and is within the municipal council limits.

According to sources in Ritesh Industries, the company has acquired the land and have asked API to develop the area for them. Ritesh Industries will also help in selling the project.

Of the 42 acres, 24 acres will be used for the IT park while the rest will be used for developing 550 housing apartments, and other facilities like a shopping centre, post office, bank and health care centre.

"The main hassle was acquiring the land which we have already done. We also have all the approvals required from the government to go ahead with the project and hence next month the formal inauguration will be done. In addition to this we expect a profit of Rs 1.50 billion from the project," the sources said. The company plans to complete the project in phases within three years and have also claimed receiving queries regarding sale of plots. "However, the sale has not yet started," said sources.

The project also aims to give employment to 20,000 persons once it is completed. About the IT park, the sources said, "Our focus is to bring IT-based industries in the area as they are non-polluting."