Singapore-based business space solutions provider, Ascendas will be investing Rs.1,625 crore to develop two international technology parks in Maharashtra by 2015 in joint venture with Maharashtra Industrial Development Corporation or MIDC and Maharashtra Airport Development Co or MADC.

The proposed mega-projects will come up in Pune and Nagpur respectively and on completion, the International Tech Park, Pune, and International Tech Park, Nagpur, will together accommodate 70,000 people. The first phase of construction for both the projects is expected to begin by July 2007 and is likely to be completed by July 2008.

In Pune, the park will be undertaken under Phase III of Rajiv Gandhi Infotech Park in Hinjewadi, at an investment of Rs.600 crore on 2.5 million sq. ft. of built up space, and spread across 25 acres of land. Whereas, the Nagpur project will involve Rs.1,025 crore. Ascendas will invest 74 per cent in Pune project, while MIDC will be a 26 per cent equity partner, offering land and similarly MADC will hold 11 per cent of the equity, and Ascendas 89 per cent for the Nagpur project. This project will consist of 4.5 million sq. ft. of built up space on a 63 acre site within the upcoming Multi-Modal International Hub Airport or MIHAN.

MIDC is also developing two power-specific Special Economic Zones from which about 1,250 MW will be assured that will be supplying 1,000 MW through coal-based plants in Bhadravati in Chandrapur district, and another 250 MW from gas-based plants in Usar in Raigarh.

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