ETA Ascon to invest Rs 10,000 cr

ETA Ascon, the $4-billion Dubai-based conglomerate, plans to invest Rs 10,000 crore in executive apartments, ports, power plants, industrial estates, ship-building facilities and malls throughout the country.

The company, which is developing an IT park and integrated township in Chennai at a cost of Rs 36,000 crore, is planning to invest Rs 3,000 crore in the real estate sector in the country. Starting with the south, it is planning to pan out across the country.

"We want to create large land banks in tier I and II cities. Since our entry point was Bangalore, we want to build critical land mass in the south. After testing the property market, we will acquire properties in strategic locations in the north. We are considering a few proposals in Delhi, Mumbai and Kolkata," said Hameed Salahuddin, director, ETA Ascon, in a telephone interview. ETA Ascon is planning to launch Star Boutique, its flagship executive apartment concept, in the country. Star Boutique is a fully-furnished apartment which comes with a butler service, food and beverages, laundry and sundry services.

The amenities include individually controlled air-conditioning, elegant furnishings, a fully-equipped kitchen, a telephone with IDD, wi-fi access, satellite television and movies.