India Land to spend Rs 2,500 cr on 8 projects

India Land Ventures (ILVL), a part of the Madrid-headquartered Americorp Group, will invest Rs 2,500 crore in eight infrastructure projects across the country over the next two years.

The projects include construction of IT parks, SEZs, hotels and townships.

Harish Fabiani, chairman, Americorp Group, said the projects would come up in Chennai, Coimbatore, Bangalore and Pune.

An IT park, SEZ and residential township with colleges, schools and hospitals will come up at Padalam in Chengalpattu near Chennai. This would be the largest of the eight projects costing around Rs 1,000 crore, Fabiani said.

On fund raising, he said Americorp's parent company would raise debt from banks to finance the projects. It might go for an initial public offering in 18 months, he added.

Fabiani said the first tower of India Land Technology Park in suburban Ambattur, currently under construction, would be ready for occupation by July.

The new park is coming up on 2.5 million sq ft, of which 1.4 million sq ft is ready for fitout work. The total investment in this project would be Rs 450 crore, he said.

The IT SEZ in Coimbatore will be promoted along with the city-based KGISL Group at an investment of Rs 320 crore. ILVL would hold a 70 per cent stake in the JV, while KGISL the remaining 30 per stake (provide land), he added.

The new park will come up on 150 acres in Saravanampatti in Coimbatore district. The first phase of the project was launched in Chennai on Monday and scheduled to be ready by July.

The company proposes to set up an IT SEZ in Pune spread over 2.5 million sq ft at an investment of Rs 450 crore in the next six months. ILVL also plans to build a five-star hotel in Hinjawadi near Pune at Rs 100 crore.

A multi-development park is also being set up in Devanahalli near Bangalore.

The park will have a residential complex, a commercial complex and a hotel close to where the new international airport is being developed. The project is likely to start within a year, according to Fabiani.