Ahmedabad-based Calica Construction and Impex launched its Rs 650 crore information technology (IT) and IT enabled Services (ITeS) special economic zone (SEZ)-'Third Eye Voice' on Sunday.
While the first phase, spread over 12 lakh sq ft, will see an investment of Rs 300 crore, the company plans to come up with initial public offer (IPO) to fund the second phase.
The 26-acre SEZ has attracted Gujarat-based IT companies like e-Infochips, Motif and Gateway TechnoLabs towards its fold.
"As many as 40-45 companies have shown interest in setting up their business in our SEZ. We plan to come up with 10 buildings on an area of 36 lakh sq ft to accomodate the IT companies. While nine of the buildings are 10-storeyed, we have designed a 200 metre high 50-storey building, which may become one of the tallest buildings of Gujarat if we get the necessary permissions. We have already applied for the requisite permissions and are awaiting approvals," said Bipin Shah, director, Calica construction & impex pvt ltd.
The company plans to complete first phase of the the project by December 2010 and the second phase by 2012. While the company has targetted local players for the first phase, it plans to approach companies based outside Gujarat for the second phase of its SEZ, Shah added.
The company has tied up with banks as a major source of finance for phase I and will look at IPOs for phase II.
"We are investing Rs 300 crore for phase I, for which banks will be our major source of finance. For phase II, we are planning an IPO, in order to raise Rs 350 crore for the project," Shah said.
