Genpact to invest Rs 152 cr in MP

Genpact India, formerly GE Capital International Services, has proposed to invest Rs 152 crore in Bhopal for the development of Information Technology enabled Services.

Although the details of the project are yet to be known, the Project Clearance and Implementation Board of the state government has given clearance to the project.

"The Board has given in-principle sanction for allotting 50 acres and recommending the proposal to the Central government," a government source told Business Standard.

The state government has shown its aggressiveness in attracting investment in Information Technology sector despite its efforts to market a Crystal IT park in Indore came to nil.

Further the state government also announced an IT policy to offer sops and concessions to the companies that will make investment in the "It is yet to be declared which land area is to be allotted to the company, since prime localities of the city are already occupied by builders, said a government insider.

Hardly five Information Technology companies are functioning in state properly. The state government has announced in its new IT Policy that it will create jobs for one million people.

An area of 100 acres has been earmarked near Bairagarh Airport for development of an IT Park. The state government will also reimburse 30 percent of the total cost prospectively of an IT company operating in the state and providing jobs to 100 people.

Stamp duty is also exempted for IT companies on certain conditions, rate of property tax are at par with residential complexes. Rebate on land is available at rate of 25000 per job created by IT company.